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Author: 


Packard,  Silas  Sadler 


Title: 


The  new  Bryant  & 
Stratton  high-school 

Place: 

New  York 

Date: 

[1881] 


MASTER   NEGATIVE  « 


COLUMBIA  UNIVERSITY  LIBRARIES 
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lik(^#> 


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Packard,  Silas  Sadler,  1826-1898. 

The  new  Bryant  &  Stratton  high-school  book-keeping : 
adapted  to  use  in  business  colleges,  and  higher  grades  of 
public  and  private  schools.  By  S.  S.  Packard  ...  and 
H.  B.  Bryant  ...  New  York  and  Chicago,  Ivison,  Blake- 
man,  Taylor  &  co.,fl881.3 


166  p.  incl.  forms.    26 


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1.  Bookkeeping.        i.  Bryant,,  Henry  B.^joint  author,  j 

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THE   NEW 


BRYANT    &    STRATTON 


High-School 


BOOK-KEEPING  : 


ADAPTED  TO  USE  IN 


BUSINESS  COLLEGES,  AND  THE  HIGHER  GRADES  OF  PUBLIC 

AND  PRIVATE  SCHOOLS. 


By 
S.    S.   'PA.CKA.Rn,  J^eTV   TorJc, 

^rop'rietor  of  'Paohard'a  ^Susiness   Qollege  ; 

AND 

JET.   (S-   ^Ity^A.JSrT,   CKtcago, 

Founder  of  the   Bryant  db  Stratton  Qhain  of  ^ueineea  Cottages. 


NEW  YORK  .;•  CINCINNATI     :•  CHICAGO 

AMERICAN     BOOK     CONIPANY 


PROM  THE  FRESS  OF 

IvisoN,  Blakeman  &  Company. 


^ 

^ 

c- 


^ 


M  ^-<j>>^... ■>,■>. 


jf" 

Q 


Ul-^^' 


Copyright,  i88i,  by 
rVISOX,  BLAKEMAN,  TAYLOR,  AND  COMPANY. 


i 


( 


CONTENTS. 


PAGS 

5,  6 
7-13 


Prepacb 

Introduction ^^  ^g 

Instructions 


SET    I. 

BUSINESS  OF  A  SINGLE  PROPRIETOR  (Prosperous). 


Pay  Book. 


16 

17,18 

19,20 

21 

22-24 

25 

26 


Journal 

Ledger  (Open) 

Statement  of  Results 

General  Statement 

Fmal  Results 

Closing  the  Ledger 27  28 

Ledger  (Oosed) ' 

Practical  Exercises  (First  Series) ^  ^. 

Questions  for  Review 

Form  of  Index 

SET     II. 

CONTINUATION  OF  SET  I  (Prosperous). 


31 
33 


Day-Book. 
Journal  . . 


Ledger 

General  Statement 

Practical  Exercises  (Second  Series). 

Auxiliary  Books 

Questions  for  Review 


34,  35 
36,37 
38,39 
40,41 
42,43 
44,45 
46 


SET    II  I. 

CONTINUATION  OF  SET  II  (Adverse). 

48-5 
Day-Book  and  Journal ^^ 

Trial  Balance 


Business  Continued  (Memoranda) 


59 


Auxiliaries ^' ?1 


Accounts  Sales 

Practical  Exercises  (Third  Series). 
Questions  for  Review 


68 
64 


3 


CONTENTS. 


I 


ii 


SET    IV. 

PABTNERSHIP  BUSINESS  (Prosperous). 


Remarks. 


PAGX 

66.67 


Journal  Daj-Book 6^79 

Ledger 

Explanation  of  Balance  Sheets 

Balance  Sheets 

Explanation  of  AuxUiaries 

Auxiliaries 


Check-Book. 


80-89 

90 

91,92 

93 

94-99 

100,101 

Notes,  Drafts,  and  Letters 103-105 

Practical  Exercises  (Fourth  Series) ....*..'..*!....  106-108 

SET    V. 


JOBBING  AND  IMPORTING-FOUR  PARTNERS  (Prosperous). 


Remarks. 


110.  Ill 


^"*i°« 112,113 

Domestic  Invoice-Book 114-116 

Foreign  Invoice-Book j  jiy  j ^g 

Sales-Book 119-123 

cash-Book ;;  ; 124,125 

Bill-Book 


Inventory-Book 

Journal 

Balance  Sheet 

Questions  for  Review. 


SINGLE  ENTRY  CHANGED  TO  DOUBLE  ENTRY  (Two  Sets). 


Explanation. 
Cash  Book.. 
Day-Book... 


126 
127 
128.129 
130 
131 


134.136 
136, 137 
138,139 


^^S^^' 140,141 

Process  of  Changing j42  143 

Day-Book,  Double  Entry j44  j^g 

Statements -tAQ 

Memoranda  for  Continuation 147  j4g 

Dissolution •••• j^g 

P>«ctical  Exercises j^gQ 


FARM  ACCOUNTS. 


Remarks 


153 


Cash  Memorandum jgg 

History  of  Transactions 154-157 


Journal. 

Trial  Balance,  etc.. . . 

Statement 

Practical  Hints 

Questions  for  Review. 


158-162 
163 
164 
165 
166 


( 


PREFACE. 


THIS  book  is  a  revision  of  Bryant  &  Stratton's  High-School  Book-keeping  as  first 
published  in  1860,  and  is,  in  some  sense,  an  improvement.  Care  has  been  had,  how- 
ever, to  preserve  the  essential  work  of  the  old  edition^specially  of  the  "  sets  "  in  their 
order,  so  that  the  two  editions  may  be  used  in  the  same  classes.  The  transa^^tions  of 
these  sets  have  been  so  thoroughly  tried  and  approved  that  it  seemed  unnecessary  to 
change  them.  Essential  improvements  have  been  made,  however,  in  the  presentment  of 
the  subject,  in  the  typographical  arrangement,  and  in  some  matters  of  detail. 

It  is  claimed  for  this  book  that  it  covers  fairly  the  subject  of  Book-keeping,  and  has 
in  it,  of  instruction  and  material,  sufficient  to  make  a  good,  clear-headed  book-keeper. 
The  first  part  is  devoted  to  the  gradual  unfolding  of  the  science  of  Double  Entry, 
wherein  not  only  are  the  principles  clearly  stated,  but  enforced  by  ample  illustrations 
and  praxitical  work.  The  plan  is  here  first  used  of  following  each  fully  written  set  by  a 
set  of  transactions  to  be  written  up  by  the  student,  embodying  all  the  principles  of  the 

written  set. 

The  special  departments  of  business  represented  are  made  to  cover  a  sufficient  area 
to  unfold  and  apply  the  principles  of  book-keeping ;  and  no  pretense  is  made  to  do  more 
than  this.  The  author  does  not  claim  that  anybody  does  or  should  necessarily  follow 
the  exact  forms  here  given ;  but  he  knows  well  that  they  can  be  followed  with  pro- 
priety and  satisfaction  ;  and  he  also  knows  that  whoever  learns  well  all  that  the  book 
contains  will  be  able  to  understand  and  keep  a  set  of  books  of  whatever  form.  A  slight 
change  has  been  made  in  the  arrangement  of  the  entries  in  the  Day-Book-Joumal  of 
Set  IV.,  the  object  being  to  preserve  the  characteristics  of  the  two  books  and  to  make 
the  two  parts  of  the  entry  distinct.    The  work  of  Set  V.  conveys  an  adequate  idea  of  the 


PREFACE. 


use  of  principal  books  for  the  original  entry,  or  rather  of  classifying  the  record  before  it 
reaches  the  Ledger.  The  Journal  is  introduced  in  this  set,  but  merely  as  foreshadowing 
the  Ledger.  Single  Entry  Book-keeping  is  sufficiently  presented,  and  in  the  order  best 
calculated  to  teach  its  characteristics.  The  changing  from  Single  to  Double  Entry 
enables  the  student  to  draw  the  lines  of  distinction  with  certainty  and  understanding. 
The  use  of  a  Columnar  Journal  in  the  Farm  Set  is  with  a  view  to  enforce  its  advan- 
tages, and  the  subdivision  of  the  principal  account,  as  suggested  at  the  close  of  the 
Journal,  exhibits  a  feature  which  can  be  used  with  much  force  in  various  kinds  of 
business. 

It  is  hoped  that  the  few  changes  which  have  been  made  will  be  recognized  as  in  the 
line  of  improvement,  and  that  the  clean  type  of  the  revised  book  will  commend  it  to 
its  old  and  new  friends. 


INTRODUCTION 


Book-keeping  is  the  systematic  record  of  business  transactions. 

Business  transactions  consist  in  the  exchange  of  valuable  things  or  considerations; 
hence,  Book-keeping  is  the  art  through  which  such '  exchanges  are  recorded,  and  the 
science  which  secures  a  knowledge  of  their  results. 

The  term  Double  Entry  has  been  applied  to  scientific  Book-keeping,  as  no  full  record 
of  a  transaction  can  be  made  which  does  not  involve  at  least  two  entries  upon  the 
Ledger. 

These  entries  are  made  in  the  form  of  Accounts,  which  is  a  grouping  of  opposing 
items  under  distinct  titles  or  heads.  The  items  are  arrayed  on  opposite  sides  of  the 
account,  and  the  difference  between  the  footings  of  the  two  sides  is  a  resultant  fact 
relating  to  the  progress  or  the  condition  of  the  business. 

The  left  side  of  an  account  is  called  debit  or  debtor  (Dr,),  and  the  right  side,  credit, 
or  creditor  (Cr.). 

Every  complete  record  employs  at  least  two  accounts,  and  requires  the  sum  of  the 
debit  and  the  sum  of  the  credit  entries  to  be  equal. 

The  Ledger,  or  book  of  accounts,  is  the  main  book  of  a  set,  inasmuch  as  in  it  are 
presented  all  the  facts  or  results  of  the  business,  in  such  a  way  as  to  plainly  denote  its 
progress  and  standing. 

The  books  which  precede  the  Ledger  in  the  order  of  entry,  and  from  which  its 
materials  are  gathered,  are  known  by  different  names,  a<;cording  to  the  character  of  the 
business  recorded ;  such  as  Invoice,  or  Purchase-Book,  containing  the  record  of  goods 
bought;  Sales-Book,  containing  the  account  of  goods  sold ;  Cash-Book,  embracing  items 
of  money  received  and  paid,  etc. 

When,  however,  but  one  book  is  used  for  the  original  record  it  is  generally  called  the 
Day-Book,  and  in  it  are  written  all  the  transactions  of  each  day,  as  they  occur. 

In  transferring  the  Day-Book  entries  to  the  Ledger  it  is  often  convenient  to  use  an 
intermediate  book  for  the  purpose  of  separating  the  debit  from  the  credit  items,  and 
indicating  the  Ledger  accounts  to  which  each  is  to  be  carried,  or  "posted."  This  book 
is  called  a  Journal,  and  may  be  used  separately  or  combined  with  the  Day-Book. 

TRANSACTIONS    AND    FORMS    OF    RECORD. 

TRANSACTIONS. 

1.  Doing  business  in  New  York,  on  the  first  day  of  July,  1880,  we  buy  of  James 
Monroe,  500  barrels  of  flour,  for  which  we  engage  to  pay  him  at  some  future  time,  ten 
dollars  a  barrel 

7 


INTRODUCTION. 


INTRODUCTION. 


II 


2.  July  2,  we  sell  to  Andrew  Jackson,  100  barrels  of  flour,  for  which  he  pays  us  in 
cash  ten  and  a  half  dollars  a  barrel 

RECORD. 
1.— In  the  Day-Book. 

JV^IF  YORK,  July  1,   1880, 


Bought  of  James  Monroe,  on  %, 
500  bris.  Flour 


@  |10 


8 

I 

M 
% 


2 


Sold  AiTOREw  Jackson,  for  cash, 
100  brls.  Flour    -    .    '-    - 


@  $10.50 


2. — ^In  the  Journal. 

:N'Eyr  YORK,  July   i,    1880. 


Dr. 


Merchandise 


3 
1 

IS. 


James  Monroe 


5000 


2 


Cash 


Merchandise 

a 


1050 


£ 

o 
Q 


a 

6 


Day-Book   and  Journal   combined. 
JVFW  YORK,  July  1,  1880. 


Dr. 


Merchandise 

James  Monroe     -    -    - 
Bought  500  brls.  Flour    ...     -      @  $10 


^ 


Cash 


5000 


Merchandise 

Sold  100  brls.  Flour @  $10.50 


1050 


5000 


1050 


£ 

O 

o 


a 
u 
O 


Or. 


5000 


1050 


£ 

I 


3 

a 

V 


€fr. 


5000 


1060 


8 


h 


,/ 


Date. 

Dr.  Side. 

3. 

—In  the  Ledger. 

Merchandise. 

Cr.  Side. 

1 

1880 
July 

1 

(ExplancUion.) 
James  Monroe  -     -    - 

1 

5000 

# 

1880 
July 

2 

{Explanation.) 
Cash 

1 

1050 

James   Monroe. 

2 

1880 
July 

2 

Mdse.      .    .         -    - 

1 

5000 

• 

Cash. 

3 

1880 
July 

2 

Mdse.      ----- 

1 

1050 

ACCOUNTS. 

An  Account  is  a  collection  of  items  under  an  appropriate  head,  so  arranged  as,  by 
comparison,  to  exhibit  some  specific  result  of  business  transactions. 

Accounts  are  kept  not  only  with  persons  but  with  property  and  causes,  and  may  be 
so  classified  as  to  show  at  any  time  the  condition  of  the  business,  and  the  channels 
through  which  changes  have  been  wrought. 

Each  account  has  two  sides,  the  items  on  one  side  being  exactly  opposite  in  meaning 
to  those  on  the  other,  and  the  difference  between  the  two  sides  being  the  real  fact  or 
purport  of  the  account.  The  terms  Dr.  and  Cr.,  uniformly  used  to  designate  these  two 
sides,  are  significant  only  as  applied  to  personal  accounts. 


\ 


NAMES     OF     ACCOUNTS. 


The  names  given  to  accounts  should  be,  as  a  rule,  significant  of  their  purpose  and 
sphere.    This  is  the  practice,  except  in  a  few  instances,  where  usage  sanctions  arbitrary 

titles. 

The  accounts  defined  below  are  those  in  most  common  use,  and  are  classified  with 

reference  to  a  complete  showing  of  results. 

1.— ACCOUNTS    OF    FINANCE. 

Accounts  of  Finance  are  those  which  relate  to  money  or  its  univalent,  either 
owned  or  oived  by  the  business.    The  most  direct  and  important  of  these  is 

9 


If 


INTRODUCTION. 

Cash,  the  mission  of  which  is  to  contain  the  orderly  record  of  all  moneys  received 
and  paid  out,  and  to  constantly  exhibit  by  the  difference,  the  amount  on  hand.  The 
theory  of  the  Cash  account  is  simple,  merely  requiring  the  money  received  to  be  entered 
on  one  side  (the  debit),  and  the  money  paid  out  to  be  entered  on  the  other  side  (the 
credit).  Inasmuch  as  more  cannot  be  paid  out  than  has  been  received,  it  follows  that  if 
the  sides  do  not  equal,  the  excess  must  be  of  the  debit  side,  and  must  represent  the 
amount  of  cash  on  hand. 

Bills  Receivable.  This  is  the  name  giverf  to  negotiable  paper  which  has  come 
mto  the  possession  of  the  business.  It  is  in  the  form  of  promissory  notes,  or  of  drafts, 
wherem  the  maker  (of  the  note)  or  the  drawee  (of  the  draft)  promises  to  pay  to  any 
authonzed  holder  a  certain  amount  of  money  (mentioned  therein)  at  a  certain  time  and 
place.*  This  species  of  property  is  of  the  same  nature  as  cash.  It  is,  in  fact,  cash 
deferred,  its  value  resting  wholly  in  the  fact  that,  at  the  time  specified,  the  amount  called 
for  will  be  paid. 

The  theory  of  this  account  is  precisely  similar  to  that  of  Cash  account;  the  "bills'' 
as  they  come  into  our  possession  are  recorded  at  the  value  written  upon  them,  on  the 
debit  side  of  the  account,  and  as  they  are  redeemed,  or  pass  out  of  our  possession,  are 
entered  upon  the  credit  side  of  the  account  Hence,  when  they  are  all  redeemed  or 
disposed  of,  the  account  will  balance  or  cancel,  and  until  that  ev^t,  the  excess  of  the 
debit  side  will  represent  the  face  value  of  what  remain. 

Bills  Payable.  This  is  the  name  given  to  negotiable  paper  issued  and  payable 
by  ns.  The  difference  between  Bills  Payable  and  Bills  Receivable  is  a  difference  of 
attitude ;  that  which  is  Bills  Payable  to  us  being  Bills  Receivable  to  those  who  hold  our 
obligations,  and  vice  versa;   Bills  Payable  account  is  credited  for  the  face  of  our 


♦  The  two  forms  of  negotiable  paper  owe  their  distinctive  characteristics  to  the  diffemet  circumstances  of  their  origin 
A  noteongm&te»  with  the  payer  or  maker  and  is  a  voluntary  promise ;  a  drqft  originates  with  the  payee,  and  is  first  a 
request,  and  next,  an  affirmative  response,  which  is  in  effect  a  promise.  A  note  has  necessarily  two  parties,  the  maker  and 
the  payee:  a  draft  has  three  parUes,  the  drawer,  the  payee  and  the  drawee.  The  maker  of  a  note  corresponds  with  the 
drawee  of  a  draft,  and  the  payee  of  a  note  with  the  payee  of  a  draft ;  while  the  drawer  of  a  draft  has  no  equivalent  in  an 
unendorsed  note ;  he  being  in  &ct  and  in  law  an  endorser  or  guarantor.  The  two  forma  here  given  wiU  sufflcienUy  explain 
the  charactensticfi  of  each :  *^f'»"» 

$1000  New  York,  July  1,  I88O. 

Sixty  days  after  date  I  promise  to  pay  to  the  order  of  ' 

Peter  Cooper,  at  the  East  River  National  Bank,  On&  Thousand 
Dollars,  value  received. 

S.   S.  PACKARD. 


^^^^^  Chicago,  July  1,  1880. 

Sixty  days  after  date,  pay  to  the  order  of  Peter  Cooper, 
at  the  East  River  National  Bank,  One  Thousand  Dollars,  value 
received. 

To  S.  S.  PACKARD,  "*   ^-   B^^^NT. 

New  York. 

Of  the  note,  S.  8.  Packard  is  the  maker,  and  Peter  Cooper  the  payee ;  of  the  draft,  H  B.  Bryant  Is  the  drawer,  Peter 
Cooper  the  payee,  and  8.  8.  Packard  the  drawee.  The  undertaking  in  each  case  is  that  S.  8.  Packard  shall  pay  to  Peter 
Cooper,  or  to  My  one  whom  he  may  authorize  to  receive  it,  one  thousand  dollars  in  sixty  days,  at  the  East  River  National 
fh  7  «  .n°v.  '^L  T^'^  recognized  this  obligation  in  the  case  of  the  draft  by  writing  his  acceptance  across  its  face, 
the  draft  wiD  have  this  advantage  over  the  note  that  two  persons  instead  of  one  will  be  held  to  the  paymenl>-for  the  law 
constitutes  the  drawera  guarantor.  Hence,  to  make  the  note  an  exact  legal  equivalent  of  the  accepted  draft,  it  is  only 
necessary  that  H.  B.  Bryant  should  endorse  it,  or  write  his  name  across  the  back.  The  three  parties  will  then  hold  exactly 
♦he  same  relations  to  ^h  other  in  the  one  document  as  In  the  other,  and  the  two  "bills  "  will  be  in  aU  respects  excci.t 
mere  form,  identicaL  f^v™,  v^^^yt 

10 


INTRODUCTION. 

obligations  when  they  are  issued,  and  debited  when  they  are  redeemed.    The  excess,  if 
any,  will  be  of  the  credit  side,  and  will  represent  our  outstanding  paper. 

4  «  r.^^  !-.«  of  miP  time  and  we  may  owe  him  at  another,  and 

me  ouiigatiuu  isL  J     t^        J  nnnfimiallv  shown  in  a  single  account     inis  is 

because  account  witu  *  r^rsonal  account  is  an  account  with  a  person,  firm, 

'''''''''T::T^''it:trsotr^t^^eZ  U  is  Mite^  when  the  party  gets 
or  corporation,  kept  to  ^^ow  pem,nal  .^^  ^^.^  ^^^^  ^^  ^^  ^^^^ 

:"LbL:r;.otra  preponderance  of  the  credit  side  represents  au  amount  owmg  *, 

us,  and  exhibits  a  liability.  hnsinP^s 

.     T.        •  A'^^4-^A  will  flf  flnv  time  show  the  condition  of  the  business. 
The  accounts  above  indicated  will  at  any  time  miyjn  ^  ^^^a      TVia 

un~e^d  to^-must  be  a^ertained  by  actual  enumeration  and  valuation. 

2.-ACCOUNTS    OF    BUSINESS. 

A0CO.K.S  0.  B™s  -J^- tSar^tlt^eTotesTnTSu:.^^ 
i=s";  EtCTnSellSt  cJnJ reffect.  The  titles  of  the  main  accounts 
under  this  division  depend  wholly  upon  the  nature  of  the  business  itself  and  a^  or 
Zuld  be  significant  of  its  operations.  In  a  business  of  buying  and  seUmg  goods, 
Meecha^'dS  account  is  commonly  used  to  indicate  the  order,  nature,  and  extent  of 
?lrr,nnch,al  tran^tions.  In  a  professional  business  the  main  business  account  would 
lp;rp3ybrcSdSBKVX0Ko'rL.BOB;  in  a  Commission  or  selling  agency  business, 

Commission,  etc.  .,       i        j.         a 

The  following  detailed  explanations  wiU  sufficiently  illustrate  the  character  and 

nurpose  of  Accounts  of  Business.  „  , .    , 

Merchandise.  The  term  «  Merchandise  "  covers,  in  ordinary  use,  neariy  all  kinds 
of  movSJ^,  bought  and  sold.  The  Merchandise  account  measures  the  gain  or 
losffrom  deaUng  il  merchandise  ;  one  side-the  rfeJi^-showing  the  cost,  and  the  other 
Sdeire  Stt^howing  the  returns.  When  the  goods  are  all  sod,  the  difference 
S^^the  sMl  indicate  the  gain  or  loss.  If  the  result  is  desired  while  unsoW 
J^o^rr^y^ns  on  hand,  the  account  should  first  be  credited  with  the  value  of  the 
unsold,  and  then  the  difference  taken. 

Hoal  Estate  This  account  is  of  the  same  nature  as  Merchandise,  and  governed 
by  th^sTme  pSdples.    It  covers  transactions  in  real  estate,  as  the  Merchandise  account 

does  in  merchandise.  . 

ShlDment  or  Adventure.  Goods  are  sometimes  sent  away  to  be  sold  m 
anoth™k?at  the  risk  of  the  merchant  -ding  tw  I-  -^^^^^^J^^^S 
»ocount  is  kept  under  the  title  of  Shipment,  or  "Adventure.  The  nature  ot  this 
Zun  is  p3sely  that  of  Merchandise,  and  the  same  theory  pertems  as  to  .ts  recoi^J^ 
Should  the'g'nerafresults  of  the  business  be  desired  before  receiving  advice  from  the 
iuing  agent,  it  is  proper  to  reckon  the  property  as  a  resource  at  its  cost. 

Service  or  Commission.  This  title  is  applicable  to  the  main  account  of  a 
'  11 


INTEODUCTION. 

professional  or  agency  business.  It  is  credited  with  retun^s  for  service,  and  deUted, 
If  at  all,  with  such  items  of  outlay  as  are  incurred  in  the  prosecution  thereof  The 
difference  will  show  the  net  returns.* 

Expense.  This  is  an  account  of  convenience,  and  may  be  made  to  cover  a  greater 
or  less  variety  of  items,  according  to  the  purpose  or  wish  of  those  interested.  In  reality 
aU  Items  of  expense  are  logically  chargeable  to  one  or  more  of  the  main  a<3counts  of  the 
business,  and  the  only  proper  reason  for  using  a  separate  Expense  account  is  that  it  may 
serve  a  convenience  in  classifying  the  sources  of  gain  or  loss.  The  account  is  debited 
mih  such  Items  of  expense  as  it  is  designed  to  cover,  and  is  never  credited  except  aa  an 
offset  to  an  excessive  debit.     It  properly  shows  a  loss. 

The  foregoing  enumeration  will  sufficiently  indicate  the  purpose  of  Accounts  of 
Business,  though  it  covers,  necessarily,  but  a  small  part  of  the  titles  in  use.  It  is 
sufficient  to  say  that  whatever  statistics  of  progress  or  classification  of  movements  or 
results  may  be  desired  can  be  secured  by  a  proper  subdivision  of  the  activities  into 
Bignificant  Business  Accounts. 

3.— PROPRIETORSHIP. 

The  proprietor  of  a  business  stands  in  a  distinct  personal  relation  to  it,  and  should 
be  credited  under  some  title  for  all  sums  invested,  and  debited  for  all  sums  withdrawn. 
The  same  is  true  whether  there  be  one  proprietor  or  more.  Proprietors'  accounts  are 
treated,  in  all  respects,  as  personal. 


GENERAL     PRINCIPLES. 
1.— PROPRIETORS. 

The  person  or  persons  owning  the  business  should  be  credited  under  some  title  for 
m  vestments  when  made,  and  for  his  or  their  share  of  the  gain  when  the  same  is  asceri;ained. 
He  or  they  should  also  be  debited  individually  for  amounts  drawn  from  the  business,  and 
for  his  or  their  share  of  the  net  loss. 

2.— CASH. 

Cash  account  should  be  debited  for  all  money  received,  and  credited  for  all  money 
paid  out  "^ 

a— OTHER    PEOPLE'S   "WRITTEN    PROMISES. 

Bills  Receivable  account  should  be  debited  for  all  nof^s,  drafts,  or  other  written 
obhgations  for  which  we  are  to  receive  payment,  when  they  become  ours,  and  credited 
when  they  are  paid  or  otherwise  disposed  of. 

4.— OUR    WRITTEN    PROMISES. 

Bills  Payable  Account  should  be  credited  with  our  written  obligations  when  they  are 
issued,  and  debited  when  they  are  redeemed. 


■rn..^Tr::Z^^^:i^Zt^''''^^'^'^^  "'  """  "^  ''"^^^  ^  expense, as  when  one  pa,s  for  such  service. 

12 


INTRODUCTION. 


6.— PERSONS. 


•  Personal  accounts,  or  accounts  with  individuals,  firms,  banks,  or  other  corporations 
competent  to  sue  or  be  sued,  should  be  debited  under  their  proper  titles  when  they  become 
indebted  to  us,  or  we  get  out  of  their  debt,  and  credited  when  we  become  mdebted  io 
them  or  they  get  out  of  our  debt. 

6.— LOSSES    AND    GAINS. 

Causes  producing  losses  or  gains  in  business  should  be  designated  in  accounts  bearing 
slcrnificant  titles.  Such  accounts  should  be  debited  for  all  outlays  or  losses,  and  credited 
for  all  returns  or  gains. 


QUESTIONS. 

1   What  is  Book-keeping  ?—i?.  Of  what  do  business  transactions  consist?— 5.  In  what  sense  is  Book- 
keeping an  art,  and  in  what,  a  scieruie  f-4-  Why  is  the  term  Double  Entry  applied  to  scientific  Book- 
keeping 1—5   In  what  form  are  final  entries  in  Book-keeping  made?— ^.  Define  an  account?— 7.  How  is 
the  resultant  fact  of  an  account  obtained?-^.  To  what  do  the  resultant  facts  of  accounts  relate ?- 
9  What  is  the  left  side  of  an  account  called  ?-iO.  What,  the  right  side?-iL  What  is  the  smallest 
number  of  accounts  requisite  to  contain  the  full  records  of  a  transaction?-!^.  What  else  is  requisite  m 
a  complete  record  of  a  transaction ?—iJ.  What  is  the  main  book  of  accounts ?—i^.  Why?— i5.  Name 
some  of  the  books  which  precede  the  Ledger  1-16.  What  does  an  Invoice  or  Purchase-Book  contain  ?- 
17   What,  a  Sales-Book  ?—i5.  What,  a  Cash-Book  ?— i5.  When  one  book  contains  the  onginal  record, 
what  is  it  called ?-^<?.  In  what  manner  do  the  records  appear  in  it?— i/.  Is  any  other  book  reqmred 
in  order  to  get  the  transactions  into  the  Ledger?-^.'.  What  is  such  book  called  1-^3,  What  office  does 
this  intermediate  book  perform  ?-54.  Is  it  ever  combined  with  the  Day-Book  ?-^5.  What  results  are 
contained  in  accounts  1—26,  To  what  end  are  accounts  classified  ?— ^7.  What  is  the  significance  of  the 
teims  debtor  and  creditor  SiS&VP^iedU)  accounts  generally  ?-^5.  In  what  cases  are  these  terms  signifi- 
cant 1—29.  To  what  extent  should  account  titles  be  significant  1—30.  What  are  "Accounts  of  Finance  ?  "— 
31.  What  is  the  purport  of  the  Cash  account  ?—^^.  Why  should  the  difference  between  the  two  sides 
of  the  Cash  account  exhibit  the  cash  in  hand?— 55.  To  what  does  the  term  BUls  Receivable  apply?— 
34.  Why  are  other  people's  obligations  in  our  hands  called  receivable?— 35.  In  what  sense  do  Bills 
Receivable  resemble  Cash  1—36.  Upon  what  does  the  value  of  an  obligation  depend  1—37.  Explain  the 
theory  of  the  Bills  Receivable  account.— 5<?.  What  are  Bills  Payable?— 59.  Wherein  lies  the  difference 
between  Bills  Receivable  and  Bills  Payable?— 40.  Why  may  not  the  debit  side  of  Bills  Payable  account 
be  larger  than  the  credit  side?— 4/.  What  does  the  excess  of  credits  show  1—4^.  Explain  ihe  character- 
istics of  personal  accounts.—^.  Wherein  does  a  personal  account  difffer  from  either  Bills  Receivable  or 
Bills  Payable  1—U-  What  is  shown  by  a  debit  excess  of  a  personal  account  ?— 45.  What  by  a  credit 
excess?— 46.  What  facts  can  be  gathered  from  the  Financial  accounts  taken  together ?— 47.  Wherein 
will  they  fail  to  show  the  exact  condition  of  the  business  I—4S.  To  what  source  must  one  look  for 
resources  not  shown  in  the  Financial  accounts  ?— 45.  What  are  Accounts  of  Business  1—50.  In  what 
relation  do  they  stand  to  the  resources  and  liabilities  as  shown  in  Accounts  of  Finance  ?— 5/.  What  rule 
should  be  observed  in  naming  the  Accounts  of  Business  ?—5f.  Explain  Merchandise  account.— 55.  How 
may  the  real  showing  of  the  Merchandise  account  be  rendered  in  case  any  part  of  the  property  remains 
unsold  1—54.  Wherein  does  Real  Estate  account  differ  from  Merchandise  1—55.  Explain  Shipment  or 
Adventure  account.— 5(>.  How  may  this  account  be  utilized  in  a  general  statement  of  the  business,  in 
case  no  account  of  sales  has  been  received  from  the  agent?— 57.    Explain  Service  or  Commission 
account.— 55.  In  what  other  sense  is  this  title  used  1—59.  Explain  Expense  account.— 6^.  To  what  other 
account  or  accounts  are  the  items  in  the  Expense  account  properly  chargeable  1—61.  Why,  then,  should 
there  be  an  Expense  account?— 6^.  What  does  the  Expense  account  always  show?— 65.  What  relation 
does  the  proprietor  of  a  business  sustain  to  the  business  ?— 64.  What  items  appear  in  a  proprietor'a 
account  1—65   How  many  general  principles  are  here  used  to  explain  Ledger  entries  1—66.  Give  the 
purport  of  Principle  1.-67.  Of  Principle  2.-68.  Of  Principle  3.-69.  Of  Principle  L-70.  Of  Prin- 

dple  5.— 71.  Of  Prindple  C. 

13 


INSTRUCTIONS    FOR    SET    I. 


The  stndent  will  bear  in  mind  that  the  exceUence  of  his  work  will  depend,  in  a  great 

TnT^Vr"  f      ''"*^"^'  ""'^  '^P^'^^y  "P""  ^nitormitj  in  style  and  a^mge^ent. 
rn  foot,  those  who  are  competent  to  judge  of  excellence  in  Book-keeping  will  attach 
greater  importance  to  neatness,  uniformity  and  perspicuity  of  style  and  arrangement 
than  to  a  mere  display  of  pen  art     There  is,  in  truth,  little  occasion  for  showing  off  fine 
penmanship  m  a  set  of  books.    What  is  demanded  is  absolute  plainness  and  legibility 
wi  h  such  an  arrangement  of  items  and  figures  as  will  bring  the  prominent  facts  into 
relief,  so  that  even  those  who  are  not  skilled  in  the  intricacies  of  the  science  will  yet  be 
a  tracted  by  the  apparent  perspicuity  of  the  entry.    The  Day-Book  of  Set  I  is  presented 
as  a  model,  and  the  student  is  required  to  copy  it  with  as  much  exactness  as  possible. 
The  single  money  cohimn  is  ruled  in  his  blank-book,  and  he  is  required  to  place  the 
figures  therein  in  their  proper  position,  so  that  in  adding  up  the  entire  columns  on  each 
page  there  will  be  no  excuse  for  adding  units  to  tens,  or  tens  to  hundreds.    Care  should 
be  taken  also,  to  so  arrange  the  descriptive  matter  as  that  the  introductory  part  of  the 
entry-- beginning  usually  with  the  words,  « Bought,"   "Sold,"   "Received,"  "Paid"— 
should  appear  distinct  from  the  particular  statement  or  enumeration  of  items.    This 
maybe  done  by  a  "hanging  indenture,"  as  in  the  book-the  primary  announcement 
beginning  against  the  vertical  ruled  line,  and  the  enumeration  of  items  beginning  half 
an  inch  to  the  nght-or  by  indenting  the  first  line,  and  following  with  the  items  against 
the  vertical  ruled  line.    For  ordinary  work  the  form  laid  down  in  the  book  is  the  letter- 
but  the  student  is  to  understand  that  it  is  not  given  as  an  arbitrary  arrangement,  not  to 
be  deviated  from     The  object  of  form  in  Book-keeping  is  to  present  the  facts  of  the 
transactions  in  the  clearest  and  most  satisfactory  way,  and  whatever  form  is  adopted, 
should  be  earned  out  with  the  utmost  particularity.    If  necessary  to  that  end,  the  stndent 
inay  rule  vertical  pencil  hues  to  mark  the  margin  of  indentation  on  the  left,  as  also  for 
the  money  columns  containing  the  short  extensions  on  the  right.    The  date  figures  in 
the  center  of  the  page,  should  be  in  exact  line,  «d  the  ruling  between  the  entries  should 
be  clear  and  uniform.  ■ 

The  Dat-Book  completed  forms  the  basis  of  the  entire  work,  and  is  in  all  respects 
an  important  book  It  ,s  the  book  nearest  the  transaction,  and  containing  the  first 
record  thereof.  If  any  essential  fact  be  omitted  from  the  original  entry  it  will  be 
difficult  to  supply  It  thereafter,  and  any  such  irregular  practice  would  be  considered 
unbusmess-hke,  and  in  case  of  dispute,  would  appear  at  a  disadvantage.  It  is  hence  of 
the  first  importance  that  the  Day-Book  record  be  full  and  clear,  and  that  there  be  in  it 
as  few  erasures  and  corrections  as  possible. 

The  JoTTENAL  is  used  to  transfer  the  Day-Book-  entries  to  the  Ledger.  In  the 
example  here  given,  care  has  been  taken  to  explain,  in  each  case,  the  reasons  for 

14 


INSTRUCTIONS  FOR  SET  L 

deciding  upon  the  debits  and  credits.  This  is  to  aid  the  student  on  his  mental 
processes,  and  to  show  him  the  importance  of  referring  constantly  to  the  principles  as 
laid  down.  He  will  not,  of  course,  copy  these  explanations,  but  accept  them  as  the 
order  of  reasoning  to  be  adopted  in  the  journal  entries  hereafter. 

As  he  ioumalizes  the  entries,  he  will  check  them  off  in  the  Day-Book,  placmg  the 
check-maik  (V)  opposite  each  entry  directly  after,  and  never  before  the  joumahzing. 

Transferring  to  the  Ledger  is  called  "posting,"  and  when  an  intermediate  Journal 
is  used,  the  work  of  posting  is  almost  mechanical.  The  student  should  remember^ 
however,  that  no  part  of  his  work  should  be  done  mechanically-that  is,  without 
thought  Of  course,  in  the  Journal  entry  the  position  of  the  record  in  the  Ledger  is 
decided,' and  the  actual  transfer  is  a  mere  ratification  of  this  decision;  but  unless  the 
student  keeps  his  mind  fully  upon  his  work,  there  is  as  great  liabibty  to  err  m  posting 
as  in  any  other  part  of  the  record. 

The  first  accounts  in  the  Ledger  should  be  those  that  represent  the  investment-in 
the  case  of  a  single  owner,  «  Stock,"  and  in  case  of  more  than  one  owner,  the  names  ol 
the  separate  partners.  This  is,  however,  a  matter  of  convenience,  and  not  of  necessity. 
The  use  of  the  word  "Stock"  in  lieu  of  the  proprietor's  name  is  arbitrary,  and  is 
done  in  deference  to  custom. 

The  following  directions  may  be  followed  in  writing  np  the  Ledger : 
First.  Open  the  accounts,  writing  the  titles  in  the  center  of  the  line,  as  nearly  as 
may  be,  in  a  bold,  round,  neat  hand.  Appropriate  to  each  account  the  spaee  necessary 
for  the  records  which  axe  to  appear  therein.*  The  following  division  of  space  will  apply 
to  this  set:  Stock,  9  lines ;  Cash,  13  lines ;  Peter  Cooper,  6  lines;  Merchandise,  13  mes; 
K  D.  Stratton,  9  lines ;  Bilh  Payable,  9  lines ;  Bills  BeceivabU,  1  lines ;  Expense,  t  ines ; 
E.  G.  Folsom,  6  lines ;  J.  D.  Comstoek,  6  lines;  Loss  &  Gain,  7  lines;  Balance,  10  lines. 
This  appropriation  covers  not  only  the  necessary  lines  for  the  record  itself,  but  also 
room  for  ruling  up  the  closed  accounts  and  bringing  down  the  balances. 

Second.  Begin  with  the  first  account  in  the  Journal :  see  if  the  amount  opposite  is  in 
the  debit  or  the  credit  column,  and  take  it  to  the  corresponding  side  of  the  Ledger,  usmg 
as  an  explanation,  the  opposite  Journal  entry.  This  explanation,  though  not  for  all 
purposes  the  best,  is  yet  a  fair  indication  of  the  transaction,  and  is  ordinarily  sufficient. 
The  use  of  the  prefix  "  To  "  on  the  debit  side  of  the  Ledger,  and  "  By  "  on  the  credit  side 
is  customary,  but  not  necessary.  If  used  at  all,  however,  it  should  be  uuiformly  used. 
Take  the  journal-entries  in  their  course,  carrying  the  amounts  to  the  proper  sides  of  the 
proper  accounts,  as  indicated,  writing,  in  every  instance,  the  journal-page  in  the  ledger- 
column  for  that  purpose,  and  check-marking  the  entry  by  writing  the  page  of  the  Ledger 
opposite  the  journal-entry,  immediately  after  the  posting.  The  check-marks  wiU  thus 
serve  as  a  guide  in  reviewing  the  work,  and  will  enable  the  accountant  to  leave  and 
return  to  his  work  at  any  time  without  danger  of  confusion. 

Of  course,  when  the  posting  is  complete,  the  sum  of  the  debit  and  credit  entries  in 
the  Ledger  will  equal,  just  as  the  same  entries  equaled  in  the  Journal.  The  question  of 
the  Trial  Balance  is  simply  a  question  of  correct  posting. 


•  In  buBtaesB  It  is  Impowible  to  know  how  mnch  space  each  account  wffl  reqnlre  ta  the  Ledger  but  "may  he 
aDDroimated  n  is  well  to  give  eufflcient  space,  thereby  avoiding  the  frequent  transfer  of  the  acconot  as  weU  as  to 
„1T  not  appropriating  .00  mnch  for  any  one  account  Some  prefer  .  synunetrical  diysion  of  Oie  Ledger  without 
reference  to  the  actual  space  required  for  each  acco  nt. 

15 


SET  L— DAY  BOOK. 
2<fEW  YORK,  January  1,  1880. 


I 


H.  B.  Bryant  invests  in  business  cash  amounting  to 


// 


He  owes  Peter  Cooper  on  %,  to  be  paid  from  the  business 

■J    


Bought  of  Wilson  G.  Hunt,  for  cash, 

400  yds.  English  Broadcloths /;>  *q  ^lonn 

@     1  200 


2v)0  yds.  Domestic  Cassimcres 


Sold  Digby  V.  Bell,  for  cash, 
200  yds.  Broadcloth      - 


@  $4 


SoM  H.  D  Stratton.  on  %, 
10  yds.  Broadcloth   - 


6 


@  u 


9 


Bought  of  Francis  &  Lontrel,  on  our  note  at  90  days 

50  reams  extra  F(X)lscap 

20      •*       Superfine  Letter 


@  $3.50 
@    3. 


(175 


CO 


—  10 


Accepted  Peter  Cooper's  draft  on  us  at  10  days'  sight,  favor  of  \V.  H.  Beebe  - 


V 


12 

Sold  S.  S.  Packard,  on  his  note  at  60  days, 

10  reams  Foolscap    --....'. 

6      "      Letter        


@  $4.  $40.00 

(^    3.50        17.50 


u 


Bouglit,  on  our  note  at  40  days, 

250  yds.  Black  French  Cloths @  |4 


// 


Paid  cash  for  set  of  books  for  use  of  store 

'■ 16- 

Sold  R.  C.  Spencer,  for  cash, 

5  r(?ams  Foolscap 


@  $3.75 


V 
V 


Sold  E.  G.  Folsom,  on  %, 
20  reams  Foolscap  - 
10      "      Letter  -     . 


—  18 


(Ob  $4. 
@     3.50 


180 
35 


Received  cash  of  H.  D.  Stratton,  on  % 


2S 


Paid  our  acceptance,  favor  of  W.  H.  Beebe,  in  cash 


Sold  J.  T.  Calkins,  for  cash. 

150  yds.  Black  French  Cloths 


25 


@  $4.50 


Bought  of  J.  D.  Corastock,  on  %, 
4  dozen  Soft  Hats    -    -    . 


28 


@  $24 


Paid  cash  as  follows  : 

For  clerk  hire 

For  rent  of  store,  one  month 
For  gas  bill 


31 


\  60 

100 

4 


OOOO 
500 


1400 


800 


40 


235 
500 


57 

1000 
20 

18 


50 


115 
20 

500 

676 
06 


75 


164 


11141 


25 


16 


SET.  I.— JOURNAL. 
NKW    YORK,  January  1,  1880. 

Ca^h,  Dr.     --- 

To  Stock 

"  ;8^/r^ "  is  the  title  chosen  to  represent  the  proprietor— in  this 
case,  H.  B.  Bryant.  The  account  is  credited  with  the  investment 
according  to  Principle  1.  Cash  is  received  by  the  concern,  and  is 
debited  according  to  Principle  2. 

ft  . — - — ^ — ^ —^- 

Stock,  Dr.    --- __.-.--. 

To  Peter  Cooper    -    -    -     - 

Stock   \i   debitel    for    the    liability  assumed    by    the    concern 

{Prill.   1\      Petsr  Go>per  is   credited,  because   the    concern   has 

assumed  to  pay  him  a  certain  amount,  and  is   therefore  indebted 
to  him  {Prin.  5). 

s 

Merchandise,  Dr.      --- -- 

To  Cash 

There  has  been  an  outlay  for  merchandise  and  the  account 
is  debired  for  the  amount  (Prin.  G).  Cash  was  paid  out,  and  is 
therefore  credited  {Prin.  2). 

5 ■ 

Cash,  Dr. - 

To  Merchandise    -    -    -    - 

Cash  is  received  and  therefore  debited  {Prin.  2).  Merchandise 
causes  returns,  and  is  therefore  credited  {Prin.  6). 

H    

H.  D.  Stratton,  Dr.  -    - 

To  Merchandise    -    -    -    - 

H.  D.  Stratton,  Dr.  {Prin.  5).    Merchandise,  Cr.  {Prin.  G). 

g 

Merchandise,  Dr.      --- --_ 

To  Bills  Payable   -    -    -    - 

Merchandise,  Dr.  {Prin.  6).    Bills  Payable,  Cr.  {Prin.  4)- 

10 

Peter  Cooper,  Dr.      - ----- 

To  Bills  Payable  -    -    -    - 

Peter  Cooper  is  here  debited  because  we  have  canceled  our 
indebtedness  to  him  by  promising  to  pay  the  amount  to  another 
person  whom  he  has  authorized  to  receive  it  {Prin.  S).  Bills 
Payable  is  credited  for  our  new  liability  thus  assumed  {Prin  4)' 

The  only  change  wrought  in  our  affairs  by  this  transaction  is  in 
the  character  of  the  liability.      For  important  reasons,  a  promis 
sory  note  is  more  desirable  to  the  holder  than  is  a  personal  account 
In  the  former  case,  the  indebtedness   is    acknowledged  ;    in   the 
latter  it  is  assumed. 

22 

Bills  Receivable,  Dr. 

To  Merchandise    -     -     -    - 

Bills  Receivable,  Dr.  {Prin.  3).     Merchandise,  Cr.  {Prin.  G). 


Dr. 


Cr. 


5000 


500 


1400 


800 


40 


235 


500 


5000 


500 


1400 


57 


50 


8532 


50 


17 


800 


40 


235 


500 


57 


8532 


50 


50 


4 
6 


2 
4 


9 
4 


4 
10 


8 
2 


SET  L-JOURNAL. 
XEjy   YORK,  Jauiiarij  14,  JSSO. 

II  II  II  '   "'-'  " 

Amounts  brought  forward 

// 

Merchandise,  Dr.       --- 

To  Bills  Payable  -    -    - 

Merchandise,  Dr.  {Prin.  G).     Bills  Payable,  Cr.  {Prin.  4). 

lo  — 

Expense,   Dr.       -- 

To  Cash       -    -    -    ^    - 

Expense,    Dr.  {Prin.  (i).     Cash,  Cr.  {Prin.  ;?). 

JO 

Cash,  Dr.    ---- 

To  Merchandise    -    -    - 

Cash,  Dr.  {Prin.  2).    Merchandise,  Cr.  {Prin.  0). 

2S 

E.  G.  Folsoni,  Dr.     ------- 

To  Merchandise    -    -    - 

E.  G.  Folsom,  Dr.  {Prin.  5).    Merchandise,  Cr.  {Prin.  <i\ 

^22 

Cash,  Dr.     ---- - 

To  H.  D.  Stratton      -    - 

Cash,  Dr.  {PHn.  %    H.  D.  Stratton,  Cr.  {Prin.  5). 

2S 

Bills  Payable,  Dr. 

To  Cash 

Bills  Payable,  Dr.  {Prin.  4)-     Cash,  Cr.  {Prin.  f). 

^J. 

Cash,  Dr.     --------------- 

To  Merchandise    -    -    - 

Cash,  Dr.  {Prin.  f).     Merchandise,  Cr.  {Prin.  6). 

. 28 

Merchandise,  Dr.       -- 

To  J.  D.  Comstock    -    - 

Merchandise.  Dr.  {Prin.  G).     J.  D.  Comstock,  Cr.  {Prin.  5). 
SI — 

Expense,  Dr. 

To  Cash 

Expense,  Dr.  (Prin.  G).     Cash,  Cr.  {Prin.  2). 


Dr 


Cr. 


8532 

50 

8532 

1000 

1000 

20 

20 

18 

75 

18 

115 

115 

20 

20 

500 

500 

G75 

675 

96 

96 

164 

164 

11141 

25 

11141 

50 


70 


25 


18 


(,• 


-»■  •" 


SET  I.— LEDGER. 


Dr, 


(Amounts  drawn  out  by,  and  liabili-  \ 
V    ties  assumed  for  tlie  proprietor.    / 


1 

Stock. 


( Capital  invested  by  the  proprietor.) 


1S80 
Jan. 


To  Peter  Cooper 


500 


1880 
Jun. 


By  Cash 


Invetied 
Drawn  out 


j\'el  Invtttmtnt    -    -  $4500 


-  5000 

-  500 


Dr. 


(Cash  received.) 


Cash. 


{Cash  paid  out.) 


1880 

Jan. 

1 

<< 

5 

<< 

16 

« 

32 

« 

35 

To  Stock  -     -     - 

Mdse.       -     - 

«  _    _ 

H.  D.  Stratton 
Mdse.       -    - 


Krreivfd      -     .     -     651S.75 
Paid  out      -    -    -    2084 

Cath  on  hand  -     -  $44-29.75 


1 
1 

3 
2 
2 


5C00 
800 

IH 

20 

675 

6518 


75 


75 


1880 
Jan. 


3 
15 
33 
31 


By  Mdse.  -  - 
Expense  -  - 
Bills  Payable 
Expense  -     - 


Dr. 


{Our  %  against  him.) 


s 

Peter  Cooper. 


{His  %  against  us.) 


1880 
Jan. 


10 


To  Bills  Payable 
Canceled. 


500 


1880 
Jan. 


By  Stock  -     ■ 
Canceled. 


Dr. 


{Outlay.) 


Merchandise. 


(Let  urns) 


1830 

Jan. 

3 

•( 

10 

i< 

14 

tt 

38 

To  Cash    -     .     -    . 
Bills  Payable    ■ 

J.  D.  Comstock 


Outlay    .    -    .    .    2731 
Retur'nt ....     1706.95 

Aetovtla,*      -       $1024.75 


1 
1 

3 
3 


1400 

335 

1000 

96 

2731 


1880 
Jan. 


5 

6 

12 

16 

20 

25 


By  Cash    - 

H.  D.  Stratton 
Bills  Kec'ble 
Cash   -     -     - 
K.  G.  Folsom 
Cash  -     -    - 


Dr. 


{Our  %  against  hvn.) 


H,  D.  Stratton. 


{His  %  against  us.) 


18S0 
Jan. 


6 


To  Mdse. 


lit  owes  ut 


40 
JO 

$30 


40 


1880 
Jan. 


23 


By  Cash 


Cr. 


5000 


Or. 


1 

1400 

2 

30 

2 

500 

2 

164 

8084 

Or. 


500 


Cr. 


1 

800 

1 

4C 

1 

57 

2 

18 

2 

115 

2 

675 

1706 

5(, 
75 


S8 


Cr. 


30 


*  The  balance  here  given  pimply  indicates  the  diflference  between  what  has  been  paid  for  merchandise  bonght  and  what 
has  been  received  for  merchandise  sold.  It  is  therefore  the  "  net  outlay,"  but  not  neceeearily  the  net  outcome.  The  value  of 
the  goods  yet  unsold  must  be  placed  against  this  balance,  and  thus  the  real  gain  or  loss  will  appear. 

19. 


Ii 


I 


Dr. 


(Our  notes  redeemed.) 


1880 
Jan. 


23 


To  Cash 


Dr. 


(Others"  notes  received.) 


1880 
Jan. 


12 


To  Mdse. 


y«t*»  o»  \and  -    -  $57.50 


Dr. 


(Outlay.) 


1880 
Jan. 


15 

16 


To  Cash 


Ineidtntal  exptniet   -  |1S4 


Dr. 


(Our  %  against  him.) 


18S0 
Jan. 


20 


To  Mdse. 


Ht  MfCt  M 


$115 


Dr. 


(Our  %  agtdnst  him.) 


SET  I.— LEDGER. 

e 

Bills  Payable. 


(Our  notes  issued.) 


500 


1880 
Jan. 


9 

10 

14 


By  Mdse.  -  - 
Peter  Cooper 
Mdse.       -     - 


iBtued 1735 

Redeemed    ...    -      500 

Our  nofetouUtarulingAMZi 


1 
1 

2 


57  50 


8 
Expense. 


2 
2 


20 
164 


9 

E.  G.  Folsom. 


(His  %  against  us.) 


115 


lO 

J.  D.  Comstock. 


(His  "/c  against  us.) 


' 

1880 
Jan. 

28 

By  Mdse. 


We  otte  Xtm 


$96 


II 


Cr. 


235 

500 

1000 

1786 


I 


Bills    Receivable.         (Others' notes  disposed  of .)         Cr. 


Or. 


Cr. 


Cr. 


96 


20 


I 


II 


STATEMENTS. 

STATEMENT    OF    RESULTS. 

The  results,  as  shown  in  the  foregoing  Ledger,  are  here  presented  in  condensed  form 
under  the  head  of  "  Trial  Balance."  This  term  has  grown  into  use,  and  is  significant  so 
far  as  relates  to  its  character  as  a  test  of  the  correctness  of  the  Ledger.  Of  course,  the 
two  sides  of  all  the  Ledger  accounts,  taken  together,  should  be  equal;  and  if  the  "trial" 
shows  that  they  are  not,  the  error  must  be  found  and  corrected.  The  accounts  may 
equal  and  still  the  Ledger  contain  errors ;  but  the  balance  test  is  the  most  ayailable  as 
well  as  the  most  reliable  and  comprehensive.  In  this  case,  all  the  Ledger  accounts,  with  the 
sums  of  all  the  records,  are  given,  thus  making  the  final  footing  (11141.25)  to  correspond 
with  the  footing  of  the  Day-Book  and  Journal.  This  would  indicate  that  no  complete 
entries  have  been  omitted,  which  might  occur  without  disturbing  the  equilibrium.  This 
plan,  however,  is  not  followed  in  business,  and  is  given  here  only  as  affording  all  the  tests 
of  correctness  of  which  such  statements  are  capable. 


Trial  Balance.— Face  of  Ledger. 


Dr. 


Cr. 


500 

6513 

500 

2731 

40 

500 

57 

184 

115 


75 


50 


11141     25 


Assumed  by  the  concern    -    -    STOCK  -    -     -     -  - 

Received CASH    -    -     -     -  - 

Our  %  against  him     -   -   -   Peter  Cooper  - 

ChiUay MERCHANDISE 

Our  %  against  him     -   -    -    H.  D.  Stratton  - 

Our  notes  redeemed  -    -    -   -    BiLLS  PAYABLE  - 
Others'  notes  received   -   -   -    Bills  RECEIVABLE 

Outlay Expense. 

He  owes  us E.  G.  FoLSOM. 

J.  D.  Comstock  - 

Equilibrium  - 


Invented  as  capital    •    - 
Paid  out  ------ 

His  '/c  against  us  -  - 
Returns  from  sales  -  - 
His  %  against  us  -  - 
Our  notes  issued  -  -  - 
Others'  notes  disposed  of 


'     We  owe  him 


5000 
2084 
500 
1706 
20 
1735 


96 


25 


11141 


25 


Trial  Balance  of  Differences. 


Dr. 


Cr. 


Stock   --- -  Net  investment 

Cash      ---------  Amount  on  hand ■ 

Merchandise Net  cost 

H.  D.  Stratton He  owes  us 

Bills  Payable       -----  Our  outstanding  notes  -    -    .    - 

Bills  Receivable     -    -    -    -  others' notes  on  hand  -  -  -  - 

Expense  --------  incidental  expenses 

E.  G.  Folsom He  owes  us 

J.  D.  C/OMSTOCK We  owe  him * 


Equilibrium 


4429 

1024 

20 

57 

184 
115 


75 
75 

50 


5831 


4500 


1235 


96 


5831 


21 


t ; 


II 


i 


STATEMENTS. 


GENERAL    STATEMENT. 

In  the  Trial  Balance  of  Differences,  on  the  preceding  page,  we  have  the  same  facts 
shown  as  in  the  full  statement  which  it  follows;  or,  rather,  while  in  the  full  statement 
we  have  the  general  results  as  they  appear  upon  the  Ledger,  in  the  statement  of  differ- 
ences we  have  the  net  results  of  the  individual  accounts.  This  is  upon  the  principle  of 
cancellation  and  presents  the  suggestive  fact  that  all  there  is  vital  in  any  iwjcount  is  its 
excess,  either  of  debit  or  credit.  An  account  with  equal  sides  does  not  affect  the  business 
in  any  way,  and  is  as  though  it  were  not;  hence,  so  much  of  either  side  as  is  equaled  by 
the  other  "is,  to  that  extent,  canceled— the  difference  or  excess  being  the  real  account. 
Inasmuch,  also,  as  through  cancellation  an  equal  amount  is  suppressed  on  both  sides,  the 
equilibrium  is  not  disturbed,  and  hence  if  the  general  statement  balances,  the  statement 
of  differences  must  balance  also. 

The  foregoing  statements  show  the  condition  of  the  business,  so  far  as  it  can  be  shown 
by  the  Ledger.     There  are  certain  important  facts,  however,  which  do  not  appear- 
mainly  as  to  the  value  of  property  which  is  bought  at  one  price  and  sold  at  another— or 
which  may  fluctuate  in  value.    All  such  property  shown  in  these  transactions  comes 
under  the  head  of  merchandise,  and  to  enforce  the  point  under  consideration  we  need 
only  to  look  at  the  explanation  of  the  Merchandise  account  as  given  in  the  Trial  Balance 
of  Differences.    We  have  here  the  difference  between  what  we  have  paid  for  merchandise, 
and  what  we  have  received  for  it,  or  the  net  cost  of  what  remains.     There  is  no  way  of 
knowing  from  this  exhibit  what  is  the  real  value  of  unsold  goods,  and  hence,  no  way  of 
ascertaining  the  real  condition  of  affairs.    Had  we  sold  our  merchandise  for  the  same 
price  for  which  we  purchased  it,  the  difference  in  the  account  would  be  the  value  of  the 
unsold  reckoned  at  cost  price;  or  had  we  credited  Merchandise  account  for  the  cost  only 
of  what  was  sold,  the  difference  would  be  the  value  of  unsold,  at  cost  price.    But  in  either 
case  we  should  have  defeated  the  purpose  of  the  account,  which  is  to  know  the  gain  or 
loss  from  dealing  in  merchandise.     Of  course,  if  we  knew  the  real  value  of  the  unsold 
goods,  we  would  have  only  to  deduct  therefrom  the  net  cost  of  what  has  been  sold  and 
the  difference  would  be  the  gain.    And  this  real  value  must  be  got  at,  both  for  the  pur- 
pose of  ascertaining  the  gain  or  loss  and  of  exhibiting  the  real  or  net  worth.     There  is 
but  one  way  of  accomplishing  it,  which  is  to  take  an  exact  inventory  or  schedule  of 
the  property  remaining  on  hand,  at  its  real  value.    This  process  is  known  as  « taking 
an  inventory,"  or  "  taking  an  account  of  stock." 

Following  is  such  a  schedule  of  the  unsold  goods  of  this  business: 

Merchandise  remaining  unsold,  Jan.  31,  1880. 


190  yds.  English  Broadcloths -    @    $3 

200     "     Domestic  Cassimeres @$1 

100     "     Black  French  Hoths @    $4 

4  dozen  Soft  Hats @  $24 

15  reams  Extra  Foolscap @    $3.50 

5  "       Letter  Paper ..-@|3 


570 

200 

400 

96 

52 

15 


1333 


50 


50 


I 


t      \ 


STATEMENTS. 

This  will  aflTord  us  the  data  for  getting  at  the  full  results  of  our  work  as  more  fully 
exhibited  in  the  statements  which  follow: 

Statement  of  Resources  and  Liabilities  with  a  view  to  ascertaining  the 

net  gain  and  present  worth. 


Resotirces, 

1.  From  the  Ledger  Accounts. 

Cash,  Dr.    Beceived 6513.75 

Cr.     Paid  out ^^4 

On  hand   

Bills  Rec'ble.      Notes  received  and  on  hand 

H.  D.  Stratton,   Dr. 40 

Cr. -        20 

He  owes  us 

E.  G.  Folsom,        Dr.  (no  credit^.     He  owes  us 

2.   From  Inventory. 
Merchandise.       Value  of  unsold 

Liabilities, 

1.    To  outside  parties. 

Bills  Payable,     Cr.    Notes  issued l'^35 

Dr.    Redeemed       -------      '"^OQ 

Our  notes  outstanding 

J.  D.  CoMSTOCK,    Cr.  (no  Dr.).    We  owe  him 

S.   To  the  proprietor. 

Stock,  Cr.     Invested    -    - ^^00 

Dr.    Drawn  out ^^0 

Net  investment  --------  -     -- 

Difference,  or  net  gain -  *     ■" 


Resottsces. 


4429 
57 


20 
115 

1333 


75 
50 


Liabilities. 


50 


5955 


1235 
96 


75 


4500 
124 


5955 


75 


This  may  be  called  a  complete  statement  of  the  condition  of  the  business  as  it  appears 
Jan.  31,  with  an  indication  of  the  net  gain.  Now,  as  the  proprietor  owns  the  net  resources 
of  the  business-denominated  the  "net  worth  "-the  fact  should  appear  in  his  account- 
"  Stock."  This  account  already  shows  the  net  investment  at  beginning,  $4500,  leaving 
an  unappropriated  balance,  as  above,  of  $124.75.  This  balance  is  called  a  gain,  because- 
it  measures  the  increase  of  capital,  or  of  the  proprietor's  interest  It  should  be  earned 
to  his  account,  unless  withdrawn  from  the  business,  thus  restoring  the  account  to  ita 
proper  condition  as  representing  the  capital. 


^ 


22 


I 


I  •' 


\'-'- 


i;i 


STATEMENTS. 

The  difference  between  the  business  at  the  beginning,  Jan.  1,  and  at  the  close,  Jan.  31, 
is  as  follows : 

January  1. 


Resources. 


Cash 


5000 

5000 

Ziiabilities. 


Peter  Cooper 
Stock    -    -    • 


500 
4500 


5000 


Jamiary  31. 


Sesou9'ces, 

Cash 

Bills  Receivable  -  - 
H.  D.  Stratton  -  -  - 
E.  G.  Folsom  -  -  - 
Merchandise       -     .    . 


4429 

75 

57 

50 

20 

115 

1333 

50 

75 

5955 

Liabilities, 


J.  D.  Comstock 
Bills  Payable 
Stock    -    -    - 


96 
1235 
4624 


5955 


75 


75 


Statement  of  Losses  and  Gains. 

From  the  foregoing  statement  we  get  a  gain  of  $124.75,  which  is  simply  the  increase 
in  net  worth  during  the  period  given.  This  increase  must  have  occurred  at  certain  times 
during  the  business  and  from  certain  causes.  It  would  be  not  only  interesting  but 
profitable  to  understand  these  causes,  and  to  trace  the  progress  of  accumulation  through 
its  real  channels.  This  we  are  enabled  to  do  by  analyzing  the  Accounts  of  Business, 
viz. :  Merchandise  and  Expense. 


Retnms  from  sales 1700.35 

Value  of  unsold  (Inventory) 1333.50 

Merchandise.  {  Total 3039.75 

Cost 2731 

Gain       - 

Expense. — Outlay  (no  returns).     Loss       - 

Net  Gain -    - 


Losses. 


184 

lU 


308 


Gains. 


75 


75 


308 


£08     ;5 


24 


FINAL  RESULTS  SHOWN  IN  THE  LEDGER. 

The  business,  in  this  case,  is  the  buying  and  selling  of  goods,  and  the  Merchandise 
account  might  with  propriety  cover  the  requirements  of  gauging  the  loss  or  gain  in  the 
enterprise.  The  Expense  account,  however,  is  made  to  serve  a  good  purpose,  and  can  be 
used  without  detracting  from  the  integrity  of  the  Merchandise  account.  The  final 
showing  is  the  same,  whether  the  item  $184  be  charged  to  Expense  or  to  Merchandise. 
(See  explanation  of  Expense,  page  12.) 

The  theory  enforced  in  the  two  statements  is  simple  and  self-evident,  viz. :  that  a  loss 
or  gain  in  business  shows  itself  primarily  in  the  increase  or  diminution  of  wealth ;  and 
next,  that  such  increase  or  diminution  is  produced  by  causes  which  are  clearly  set  forth 
in  the  Ledger.  In  other  words,  the  movements  of  a  business  and  the  financial  results 
thereof  are  distinctly  and  separately  presented  in  the  Ledger  accounts,  under  the 
classification  given,  wherein  the  assertion  of  a  gain  or  loss,  as  shown  in  one  class,  is 
ratified  by  actual  results  as  shown  in  the  other  class. 


FINAL    RESULTS    SHOWN    IN    THE    LEDGER. 

The  open  Ledger,  as  exhibited  on  pages  19  and  20,  supplies  most  of  the  material  from 
which  the  foregoing  statements  are  made,  and  the  real  condition  of  the  business  shown. 
It  is  found  best,  however,  at  periodical  times— usuaUy  once  a  year— to  present  aU  the 
statistical  facts  in  the  Ledger,  and  to  mark  the  eras  of  business  by  exhibiting  the  resources 
and  liabilities  in  distinct  amounts  under  the  proper  accounts.  This  is  accomplished  by 
a  process  known  as  "  Closing  the  Ledger." 

To  ''  close  "  an  account  is  to  put  an  end  to  its  current  or  running  condition.  If  the 
sides  are  already  equal,  all  that  is  required  is  to  add  them  up,  write  down  the  footings, 
and  draw  underneath  a  double  red  line.  If  they  are  unequal,  the  difference  is  ascertained, 
and  that  difference,  shown  in  one  amount,  is  made  to  constitute  the  new  axjcount.  The 
old  account  is  first "  closed  "  by  entering  upon  the  smaller  side,  in  red  ink,  the  difference- 
technically  called  "balance,"  then  adding  up,  and  drawing  the  double  red  lines  under- 
neath, as  in  the  former  case,  after  which  the  halance  is  brought  down  under  the  ruling. 
This  process  is  sometimes  called  "transferring"  the  red  ink  entiy,  and  the  rule  is  to 
place  it  on  the  opposite  side.  The  fact  is,  the  balance  or  difference  is  not  transferred  to 
the  « opposite"  side,  but  to  the  same  side.  The  red  ink  amount  is  placed  on  the  smaller 
side  merely  to  express  the  preponderance  of  the  opposite  side.  It  is  the  preponderance 
which  appears  as  the  new  account,  and  it  must  appear  on  the  same  side. 

The  object  of  "Closing  the  Ledger"  at  the  end  of  a  fiscal  period  is  twofold;  first,  to 
present  the  progress  and  condition  of  the  business,  and  next  to  readjust  the  investment, 
as  the  same  may  be  affected  by  the  gain  or  loss.  To  this  end  the  separate  gains  and  losses 
are  brought  together  in  one  account  (Loss  &  Gain),  and  the  resources  and  liabilities  m 
another  (Balance).  The  Balance  a<)COunt  is  an  account  of  convenience,  and  is  not  used 
during  the  running  of  the  business.  It  is,  in  fact,  a  simple  and  compact  statement  of 
resources  and  liabilities  as  gathered  from  the  Ledger  accounts  and  inventories,  the  same 
appearing  under  the  separate  accounts  at  the  beginning  of  the  new  fiscal  period.* 


*  Some  teachers  have  a  foolish  sensitivetiess  against  usincr  a  Balance  account  at  any  time.  The  only  j-easo"  £^«; 
18  that  it  is  "not  common  in  bu«ine.B,"  which  is  simply  no  reason.  There  cannot  be  a  more  <^«"^««'«";  ^«^  «J 
statement  than  the  Balance  account,  and  if  it  is  used  and  considered  wiiy  as  a  state.::ent,  there  can  be  no  vaUd 
objection  to  its  use. 

29 


■!% 


\ 


:i 


iji 


,t 


•    I! 


ORDER  AND  PROCESS  OF   CLOSING  THE  LEDGER. 


ORDER   AND   PROCESS    OF    CLOSING  THE   LEDGER. 

1.  Open  Loss  &  Gain  account — if  not  already  opened — and  Balance  account ;  the 
former  to  contain  the  losses  and  gains,  the  latter  the  resources  and  liabilities. 

2.  Ascertain  from  the  .inventory  what  property  remains  unsold,  and  credit  the 
account  or  accounts  originally  debited  for  such  property  with  its  present  estimated  value 
in  red  ink,  transferring  the  amount  at  once  i?i  black  ink  to  the  debit  side  of  Balance, 
using  the  word  "  Balance  "  as  an  explanation  and  reference  in  the  property  account,  and 
the  name  of  such  account  as  an  explanation  in  Balance  account.  The  results  are  now  all 
on  the  Ledger,  the  resources  and  liabilities  being  indicated  on  the  Financial  accounts 
(including  Balance),  and  the  losses  and  gains  in  tlie  Business  accounts. 

3.  Omitting  the  investment  accounts  (Stock  or  partners'),  begin  with  the  first 
account  in  the  Ledger.  If  it  be  a  Financial  account — showing  a  resource  or  liability- 
enter  the  difference  upon  the  smaller  side  in  red  ink,  and  transfer  it  at  once  in  black  ink 
to  the  opposite  side  of  Balance,  making  the  proper  explanations  in  both  cases.  If  it  be 
a  Business  account — showing  a  gain  or  loss — enter  the  difference  upon  the  smaller  side 
in  red  ink,  and  transfer  the  amount  in  black  ink  to  the  opposite  side  of  Loss  &  Gain, 
making  the  proper  explanations.  Close  all  the  accounts  (except  Stock  or  partners'), 
transferring  the  amounts  as  directed.  The  Loss  &  Gain  account  will  now  show  on  the 
debit  side  all  the  losses,  and  on  the  credit  side  all  the  gains,  the  difference  being  the  net 
gain  or  the  net  loss;  and  the  Balance  account  will  show  on  the  debit  side  all  the 
resources,  and  on  the  credit  side  all  the  liabilities,  the  difference  being  the  net  worth  or 
net  insolvency  of  the  business. 

4.  In  order  to  determine  if  the  balances  have  been  properly  transferred,  take  a  Trial 
Balance  of  the  open  accounts,  viz. :  Stock,  or  partners'.  Loss  &  Gain,  and  Balance. 

5.  Close  Loss  &  Gain  account  into  Stock,  or  if  it  be  a  partnership  business,  into  the 
separate  accounts  of  the  partners,  dividing  the  gain  or  loss  according  to  agreement.  The 
Stock  account,  or  partners'  accounts,  will  now  show  the  original  investment  increased 
by  the  net  gain  or  decreased  by  the  net  loss  —  the  difference  being  the  present  net 
investment 

6.  Now  as  the  Stock  account — or  partners'  accounts — indicate  the  present  net 
investment,  and  the  Balance  account  enumerates  the  items  which  constitute  such  invest- 
ment, it  is  evident  they  must  agree.  This  can  be  made  apparent  by  closing  the 
investment  account,  or  accounts  (Stock  or  partners'),  into  Balance  account,  whicli  will, 
of  course,  equalize  it,  showing  on  one  side  the  entire  list  of  resources,  and  on  the  other 
the  entire  list  of  liabilities,  thus  constituting  a  compact  and  perfect  statement  of  the 
financial  condition.  ^ 


NoT«.— If  for  any  reason  a  Bilance  account  is  not  desirable,  the  same  facts  can  be  shown  nnder  the  separate  accounts, 
by  bringing  the  balances  down  instead  of  taking  them  to  this  one  account ;  and  in  any  case,  if  the  business  be  continued.' the 
amounts  will  have  to  appear  in  the  separate  accounts.  The  objections  j":ainst  a  Balance  account  in  the  Ledger  can  have  no 
reasonable  basis  if  it^  purpose  is  nnders^tood.  It  would  be  well,  however,  to  place  it  in  the  back  part  of  the  Ledger,  giving 
it  thns  its  true  cbaiacter  and  position  as  a  statemenL 


26 


Dr. 


SET  L— LEDGER  (Closed). 

1 

Stock. 


1880 
Jan. 


1 
81 


To  Peter  Cooper 


1 
l3 


500 


5124 


75 


to 


lew) 

Jan. 


1 
31 


Feb. 


By  Cash      -    - 
Loss  &  Gain 


By  Balance 


Dr. 


Cash, 


1883 
Jan. 


Feb. 


1 

5 

16 

22 

25 


To  Stock  -  -  - 
Mdse.  -  -  - 
Mdpe.  -  -  - 
H.  D.  Stratton 
Mdi*e.    -    -    - 

To  Balance     -    - 


1 
1 
2 


5000 

800 

18 

20 

675 


6518 


4429 


75 


75 


1880 
Jan. 


.3 

iS 

23 

81 

31 


By  Mdfo.    -    - 
Expense    - 
BillH  Riyabh 
Expense    - 
£akinc4    • 


Dr. 


3 

Peter  Cooper. 


1830 
Jan. 


10 


To  Bills  Payable 


500 


1880 
Jan. 


By  Stock 


Dr, 


Merchandise. 


1380 
Jan. 

(i 


Feb. 


3 
10 
14 

28 
31 


To  Cash    -    -    -    - 
Bills  Pa  able     - 

J.  D.  Comstock 
Lou  A  Oain     - 


To  Balance 


1 
1 
2 
2 
Lll 


1400 

235 

1000 

96 

»08 


3039 


75 


75 


1333 


50 


1880 

Jan, 

5 

1. 

6 

t( 

12 

(t 

16 

20 

(i 

25 

it 

31 

By  Caf«h  -  -  -  - 
H.  D.  Qtratton  - 
Bills  Receivable 
Cash  -  -  -  - 
E.  G.  Folsom  - 
Cash  -  -  -  - 
Baiattceilnv.)  - 


Dr, 


H.  D.  Stratton. 


1880 
Jan. 


Feb. 


To  Mdse. 


To  Balance 


40 


40 


1880 
Jan. 

<4 


22 
31 


By  Cash     - 
Balance 


2 

US 


6 


Dr. 


Bills  Payable. 


1880 
Jan. 


23 
31 


To  Cash     - 
Balance 


1880 

2 
Lis 

500 
ltS5 

Jan. 

9 

10 

14 

1785 

Feb. 

1 

By  Mdse.  -  -  - 
Peter  Cooper 
Mdse.    -    -    - 


By  Balance    - 


27 


Cr. 


1 
11 

5000 
124 

5124 

4624 

75 
75 


Cr. 


1 

1400 

2 

20 

2 

500 

2 

164 

Lis 

Wio 

6513 

75 


Cr, 


1 

500 

i 

Cr 


1 

800 

1 

40 

1 

57 

2 

18 

2 

115 

2 

675 

1.12 

ISSS 

8039 

50 
75 


SO 
75 


Cr. 


20 

to 


40 


Cr. 


1 
1 

2 

235 

500 

1000 

1735 

1235 

SET  L— LEDGER  (Closed). 


Dr. 


Dr. 


Bills  Receivable. 


9 

E.  G.  Folsom. 


Cr. 


1R80 
Jan. 

12 

ToMdse. 

To  Balance 

1 

57 

50 
50 

1880 
Jan. 

81 

By  Balano$ 

O 

57 

50 

57 

Dr. 

8 

Expense. 

Cr. 

18H0 

Jan. 
it 

15 
SI 

To  Cash 

2 
2 

20 
164 

1880 
Jan. 

31 

By  Lots  d  Oatim     -    -   - 

111 

18U 

184 

184 

Cr. 


1980 
Jan. 

20 

1 

To  Mdse. 

To  Balance 

2 

115 

1880 
Jan. 

31 

By  Balane* 

iM 

116 

Feb. 

115 

^ 

Dr. 

lO 

J.  D.  Comstock. 

Cr. 

1880 
Jan. 

81 

ToBalanei 

L12 

96 

1880 
Jan. 

28 

1 

ByMdse. 

By  Balance     .    -    -    -    - 

2 

96 

c 

Feb, 

1 

96 

Dr 

11 

Loss  <Sr  Gain. 

• 

Cr. 

1S80 
Jan. 

31 
81 

To  Expense 

Stock 

l8 

184 

m 

75 
T5 

1880 
Jan. 

31 

By  Mdse. 

lA 

308 

T5 

308 

308 

75 

Dr. 

12 

Balance. 

Cr. 

t880 
♦an. 

> 

31 
31 
31 
31 
31 

To  Md«e. 

Cwh 

V.  r>.  Stratroii   -    -    - 
Bills  Receivable     -    - 
E.  G.  Fol«»om     -    -    - 

jA 
l2 

L5 
l7 

l9 

1333 

4429 

20 

S7 

115 

50 
75 

50 

1880 
Jan. 

n 

(i 

3i 
81 
31 

By  Bills  Riyable     -    -    - 
J.  D.  Comstock      -    - 
Stock    

LlO 
Ll 

1235 

96 

4624 

75 

5955 

75 

5955 

75 

I 

...    ■ 

28 


JL^J^ 


PRACTICAL  EXERCISES.~FIRST  SERIES. 


PRACTICAL    EXERCISES. 

[To  be  written  up  after  the  manner  of  Set  I.] 

Transactions.— First  Series. 

lA^w.   /.—Commenced  business  with  a  cash  capital  of  $6000. Paid  for  books  and  stationery  for 

use  of  ofSce,  $25. 

^.— Bo't  of  W.  E.  Crocker,  for  cash,  100  brls.  Flour,  @  |8. Sold  Wm.  A.  Miller,  for  cash, 

60  brls.  Flour,  @  $8.25 Sold  B.  Horton,  on  his  note  at  30  ds.,  10  brls.  Flour,  @  $8.50. 

^.— Bo't  of  A.  S.  Gladwin,  on  %,  1000  bush.  Wheat,  (fib  $1.25. Sold  J.  L.  Hunt,  for  cash, 

125  bush.  Wheat,  @  $1.30. 
^.— Sold  E.  C.  Packard,  on  %,  200  bush.  Wheat,  @  $1.50. 

S. ^Paid  cash  for  1  month's  rent  of  store.  $60. 

^.— Sold  T.  M.  Peirce,  for  cash,  300  bush.  Wheat,  @  $1.45. Bo't  of  I..  L.  Williams,  on  our 

note  at  30  ds.,  200  brls.  Flour.  @  $8.20. 

,5.-Sold  B.  Wise,  for  cash,  100  brls.  Flour,  @  $8.50. Sold  A.  C.  Randall,  for  cash,  50  brls. 

Flour,  @  $8.45. 
/^.— Paid  cash  for  gas  and  coal,  $17.50.  • 

/^,_Sold  H.  Ranney,  on  his  note  at  60  ds.,  50  bis.  Flour,  @  $8.50. 

/J. -Bo't  of  M.  Halladay  &  Co.,  on  %,  300  brls.  xxx  Flour,  @  $8.60. Sold  H.  M  Monsanto, 

for  cash,  50  brls.  xxx  Flour,  @  $8.75.  ; 

/^._Sold  L.  S.  Metcalf,  on  %,  150  brls.  xxx  Flour,  @  $8.80 Rec'd  of  E.  C.  Packard,  cash  in 

full  of  ^,$300. 
^^.--Sold  A.  S.  Hewitt,  for  cash,  100  brls.  xxx  Flour,  @  $8.75. 
^/.— Bo't  of  H.  W.  Bryant,  on  % ,  500  bush.  Wheat,  @  $1.30. 
.    ^^.— Sold  T.  S.  King,  for  cash,  300  bush.  Wheat,  @  $1  50. 

^J.— Pai4  A.  S.  Gladwin,  cash  on  fc,  $500. Sold  J.  E.  Morris,  for  cash,  50  bush.  Wheat, 

'  '  @  $1.50. 

^^.— Paid  cash  for  services,  $50 Sold  E.  C.  Packard,  on  %,  50  bush.  Wheat,  @  $1.50; 

30  brls.  Flour,  @  $8.50. 
^^.— Received  of  B.  Horton,  cash  in  full  of  his  note  of  Jan.  2,  $85 


Inventory  of  goods  remaining  unsold  Jan.  31 

10  brls.  Flour,  @  $8.50 85 

475  bush.  Wheat,  @  $1.30 617.50 

$702.50 


29 


f 


;•* 


*>. 


n 


PEACTICAL  EXERCISES.— FIRST  SERIES. 


Face  of  Ledger,   Jan.   31. 


Dr. 


152 
6920 
10505 
510 
500 
6:30 


1320 


20637 


50 


50 


Stock     ...    - 
Expense     -     -     - 
Merchandise 
Cash      -     -     -     . 
Bills  Receivable 
A.  S.  Gladwin     - 
E.  C.  Packard    - 
Bills  Payable      - 
M.  Halladay  &  Co. 
L.  S.  Metcalf     - 
H.  W.  Bryant    - 


Or. 


6C00 

6580 
1452 
85 
1250 
300 
1640 
2580 

650 


20537 


50 


50 


Resources  and  Liabilities,  Jan  31. 


Resources, 

Merchandise       -    -    - 

Cash 

Bills  Receivable  -  - 
E.  C.  Packard  -  -  - 
L.  S.  Metcalf     -    •    - 


702 

9052 

425 

330 

1320 


11830 


50 
50 


Liabilities, 

A.  S.  Gladwin 

Bills  Payable  

M.  Halladay  &  Co.      -    .    .     .    - 
H.  W.  Bryant         

Stock ;     -      -     *ll% 


750 
1640 
2580 

650 
6210 


11830 


QUESTIONS    FOR    REVIEV/. 


1.  Upon  what  does  the  excellence  of  a  Set  of  Books  depend  in  great  measure  t—2.  What  should 
be  the  character  of  the   penmanship?—^.  What  as  to  arrangement ?  — >i.  What   is  an   important 
consideration  in  placing  figures  in  the  money  column  ?— J.  What  may  be  said  as  to  arrangement  of 
.^descriptive  matter  in  the  Day-Book ?  —  6'.  What  is  the  primary  object  of  form  in  Book-keeping?— 
\7.  What  can  be  said  of  the  Day-Book  in  its  relatibn  to  the  entirety  of  business  record  ?— <?.  What  is 
the  office  of  the  Journal?— 9.  What  of  the  Ledger?— 2(9.  What  is  the  process  of  transferring  entries 
to  the  Ledger  called?  — i2.  What  are  properly  the  first  accounts  in  the  Ledger?  —  /^.  What  does 
^'  Stock"  as  a  Ledger  title  usually  signify?— iJ.  Are  the  prefixes  "To"  and  *'By"  in  Ledger  explana- 
itions  essential?  — i^.  Why  will  the  sum  of  the  debit  and  credit  entries  in  the  Ledger  equal?— 
15.  What  is  shown  in  the  Trial  Balance,  and  why  is  it  so  called?— 16.  May  the  sides  of  the  Trial 
Balance  (or  of  the  Ledger)  equal,  and  yet  the  work  be  incorrect  ?  — i7.  Under  what  circumstances 
Jmight  this  occur?— i<?.  What  may  be  said  of  an  account  the  sides  of  which  are  equal  t—19.  Are  all  the 
resultant  facts  of  a  business  shown  in  a  current  Ledger?— ^^  What  facts  do  not  appear?— fi.  How 
may  these  facts  be  ascertained  ?—f^.  What  is  shown  in  the  statement  on  page  23?—-?.  How  many 
methods  of  ascertaining  resources  are  therein  indicated,  and  what  are  they  ?— ^4-  How  many  kinds  of 
liabilities,  and  what  are  they?— ?5.  In  what  sense  can  a  concern  owe  its  proprietor ?— ^6.  What  is  the 
liability  of  a  concern  to  its  proprietor  usually  called  1—27.  Why  should  the  unappropriated  net  gain  of 
a  business  be  credited  to  the  proprietor  1—28.  What  is  the  purpose  and  use  of  Expense  account  ?— 
^9.  To  what  other  account  would  it  be  proper  to  carry  the  items  usually  placed  in  Expense  account  ?-^ 
'SO.  What  is  the  theory  enforced  by  the  two  statements,  pp.  23  and  24?— 5i.  What  is  shown  by  tho 
open  Ledger,  pp.  19  and  20?— 5f.  What  is  the  object  of  "closing"  the  Ledger?-^.?.  What  is  the 
effect  of  closing  an  account  '^—3I^.  When  the  sides  of  an  account  are  equal,  what  is  the  process  of 
closing?— .?5.  When  unequal  t—SG.  Why  is  the  difference  or  *' balance"  written  in  red  ink  1—37.  Why 
in  transferring  is  the  balance  written  on  the  opposite  side  from  the  red  ink  entry?— ,?<9.  What  can  be 
said  of  the  Balance  account?— 55.  Is  the  Balance  account  necessary?    40.  In  what  does  its  convenience 
consist?— 42.  When  not  used,  how  are  its  facts  otherwise  presented  ?—4i'.  What  is  the  first  step  in 
closing  the  Ledger?  — 4^.  What  results  are  shown  in  the  Loss  &  Gain  account?— 44-  What  is  the 
second  step  1—45.  When  the  inventories  are  all  entered  in  the  prcper  accounts,  what  will  the  Ledger 
contain?— 46.  What  is  the  third  ste^i?— 47.  When  the  balances  are  aU  transferred  from  the  proper 
accounts  to  the  statement  accounts,  what  will  be  shown  in  the  statement  accounts  ?—>^.  What  is  the 
fourth  step ?— 45.  Is  this  necessary ?—J^\  What  is  accomplished  by  it?— 52.  What  is  the  fifth  step?— 
52.  What  is  the  effect  of  transferring  the  results  of  the  Loss  &  Gain  account  to  Stock  account  or 
Partners' accounts ?-5<?.  What  is  the  sixth  step?— 54-  Why  should  the  balance  of  Stock  account  or 
the  balances  of  Partners*  accounts  equal  the  difference  in  the  Balance  account?  — 55.  When  these 
balances  are  transferred,  what  will  the  balance  account  show  ? 


ai 


INDEX    TO    LEDGER—SET    II. 

The  purpose  and  importance  of  an  Index  to  the  Ledger  will  be  apparent.  Where 
there  is  a  large  number  of  accounts  much  time  is  saved  by  having  an  alphabetical 
list  to  which  to  refer.  The  example  given  below  will  be  suflBcient  to  show  the  general 
purport  of  an  index,  but  does  not  present  the  best  form.  The  form  in  general  use  is  so 
common  and  simple,  that  any  attempt  at  explanation  would  be  useless.  We  have  not 
thought  it  necessary  to  give  the  index  in  connection  with  any  other  Set,  as  it  would 
merely  occupy  space  without  affording  information. 

INDEX. 


A 

N 

B 
Bryant,  H.  B. 1 

Rills  Rpc*»ivfthlp     .--._-.-.        3 

0 

Bills  Payable    -     - 7 

C 

Cfisih     .............        2 

P 
Packard,  S.  S. 9 

rV»ma*r»<»lr      TTi         .........          ft 

D 
Dawson,  Warren  &  Hyde  ------    11 

Q 

E 

R 

Real  Estate 12 

f^XpCIlSO     --•---••----       At 

F 
Folsom,  E.  G. 0 

G 
Stratton,  H.  D. 5 

G 
Qantz,  Jno,  W.           17 

T 

11 

U 
Union  Bank  Stock 15 

union  i3au&      ...---                         *v 

I  J 

Iviflon  &  Phinney 10 

V 

K 

w 

L 

X   Y 

M 

z 

iwercnanaise      ..-----»--      *« 
Mortgage  Payable -    -    13 

32 


SET    II. 


— °ses^ 


DAY-BOOK,    JOURNAL,    LEDGER, 
;    CASH-BOOK      BILL-BOOK 


[Continuation  of  Set  L] 


BUSINESS    PROSPEROUS. 


33 


SET  n.— DAY  BOOK. 
XEW  YORK,  Februaru  1,  1880. 


V 


The  following  Resources  and  Liabilities  are  taken  from  the  Balance  account 
of  the  previous  Ledger,  this  being  a  continuation  of  the  same  business. 

!3Sesoi€rces, 

Cash  in  hand $4429.75 

Notes  on  hand 57.50 

Merchandise,  per  Inventory 1333.50 

E.  G.  Folsom  owes  on  % 115.00 

H.  D.  Stratton  owes  on  % 20.00 


y/ 


Xiatfilities* 

Notes  outstanding |1235.00 

Balance  due  J,  D.  Comstock 96.00 

H.  B.  Bryant's  net  capital 4624. 75- $5955.75 


V 


ft 


V 


V 


Sold  S.  S.  Packard  2  doz.  Soft  Hats @  $36 

Received  in  Payment, 

Cash $20 

Balance  on  % 52— $72 


£ 


Received  cash  of  H.  D.  Stratton,  in  full  of  % 
— • J  — 


$112.50 
100.00 


v/ 


Bought  of  Ivison  &  Phinney, 

150  sets  Spencerian  Writing  Books  -    -    -    -     @  75(zs       .  .    . 

100  copies  Bryant  &  Stratton 's  Bo;)k-keeping  -      @  $1        -  -    - 

Paid  them.  Cash        -    - 50.00 

Order  on  E.  G.  Folsom 50  00 

Balance  on  % 112.50—212.50 


e^r 


Bought  of  Dawson,  Warren  &  Hyde,  on  % , 
50  "  Tip  Top"  Gold  Pens,  first  quality 


@  $1.25 


>/ 


Exchanged  notes  with  Digby  V.  Bell  for  our  mutual  accommodation,  each  drawn 
at  30  days  


8 


v 


Sold  J.  H.  Goldsmith,  for  cash, 

50  sets  Spencerian  Writing  Books     -     -     -     -  @  85^ 

25    *'     Bryant  &  Stratton's  Book-keeping  -     -  @  $1 .  12   - 

5  reams  Letter  Paper @  $3 

1  doz.  Gold  Pens  -    -    - @  $1.50   - 


42.50 
28.00 
15.00 
18.00 


34 


6956     75 


72 


20 


212 


62 


50 


500 


103 


6926 


50 


50 
26 


SET  II.— DAY-BOOK. 


NEW  YORK,  February  10,  1880. 


V 


V 


V 


Amount  brought  forward 

— i6? 


Bought  of  Wm.  B.  Astor,  Stoce  and  Fixtures,  at '   .     .     . 

Paid  him,  Cash IIO^^ 

Bond  and  Mortgage  for  balance 9000 — $10,000 


6926 


10000 


25 


-12 


Sold  J.  T.  Calkins,  on  his  note  @  20  days, 

50  yds.  Broadcloth @  $4 


200 


U 


v/ 


V 


V 


Bought  of  S.  S.  Guthrie,  Buffalo,  on  our  acceptance  at  60  days,  favor  of  A.  M.  Clapp, 
200  brls.  Flour @  $8 


1600 


15 


Sold  D.  L.  Wing,  Albany,  for  cash, 

50  brls.  Flour @  ^8.25 


412 


50 


16 


Paid  Drayman's  charges  in  full  to  date 

.    IS 


v/ 


H.   B.  Bryant  has  made  the  following  additional  investment  of  Resources  be- 
queathed him  by  a  deceased  uncle, 

50  shares  Union  Bank  Stock,  valued  at  $105     - $5250.00 

Cash  deposited  in  Union  Bank 1000.00 


20 


Sold  for  cash  to  B.  McGann,  20  shares  Union  Bank  Stock  -  @  $108 


6250 
2160 


v/ 


v/ 


v/ 


\/ 


Sold  John  W.  Gantz, 

100  yds.  Black  French  aoth Q  ^5.75 

Received  in  payment.  Cash       .--- 

Balance  to  his  account 


J?;200 
375_$575 


575 


on 


Paid  for  repairing  store,  per  order  on  E.  G.  Folsom 
-i?/ 


Received  cash  for  5  per  cent,  dividend  on  30  shares  Union  Bank  Stock 

. ^8 


65 


150 


Paid  clerk's  salary  to  date 
Paid  store  rent  to  date 


$  50 
100 


150 
28493  1  75 


35 


SET  II.— JOURNAL. 


NEW   YORK,  February  1,  1880. 


Dr. 


I 


4 

2 

6 

10 


4 
11 


Sundries  -  - 
Cash  -  -  - 
Bills  Beceivable 
Merchandise  - 
E.  G.  Folsom  - 
H.  D.  Stratton 


To  Sundries, 


too  ♦ 


To  Bills  Payable  - 
"  J.  D.  Gomstock 
«   H.  B.  Bryant  - 


4429 
57 

1333 

115 

20 


/# 


Sundries    - 
Cash      -    - 

S.  S.  Packard 


To  Merchandise 


^ 


Cash 


To  H.  D.  Stratton 


S 


Merchandise    -----    To  Sundries     -    -    - 

To  Cash       -    -    -    . 

"   E.  G.  Folsom  -    - 

'  **   Ivison  &  Phinney 


Merchandise 


To  Dawson,  Warren  &  Hyde, 


75 
50 
50 


20 
52 


20 


212 


50 


62 


Bills  Receivable, 


To  Bills  Payable  - 


8 


Cash 


To  Merchandise  -  -  -  - 


50 


500 


103 


6926 


50 


25 


Cr. 


1235 

96 

4624 


72 


75 


20 


50 

50 

112 


62 


50 


50 


500 


103 


6926 


50 


25 


♦  The  term  "  Snndries,"  as  here  nsed,  is  not  essential  to  a  complete  Jonrnal  record ;  It  is  simply  a  convenient  form  of 
expression,  rendering  the  transfer  to  the  Ledger  a  little  more  easy  to  the  teginner.  When  nsed  as  a  debit  it  implies  that 
sundry  accounts— to  be  enumerated  thereafter— are  to  be  debited,  and  contrariwise  when  used  as  a  credit.  Hence,  the  term 
"  Snndries  to  Sundries  "  is  simply  an  indication  of  the  real  entry  which  Is  to  follow,  and  which  will  be  composed  of  snndry 
debits  and  sundry  credits.  There  are,  In  fact,  four  kinds  of  journal  entries,  each  requiring  a  different  expression,  viz. : 
1.  Those  having  one  debit  and  one  credit ;  2.  Those  having  one  debit  and  several  cr«dit« }  3.  Thosfl  having  several  debita 
and  one  credit ;  4.  Those  having  several  debita  and  several  credits. 

36 


I 


SET  II.— JOURNAL. 
NEW  YORK,  Febrtmry  10,  1880. 


2 


Dr. 


Or. 


Amount  brought  forward 
10 


12 
2 
13 


3 
.4 


14 
2 


1 
15 

16 


2 
15 


4 
2 

17 


14 
6 


2 
15 


14 
2 


Bills  Receivable 


Merchandise 


Cash 


Expense 


Cash 


Sundries  -  - 
Cash  -  -  - 
John  W.  Gantz 


Expense 


Cash 


Expense 


Real  Estate To  Sundries     -    -    -    - 

To  Cash 

"    Mortgage  Payable*    - 

U 


To  Merchandise    - 

M- ■ 


To  Bills  Payable   -    -    - 


6926 


10000 


25 


15 


To  Merchandise    - 
.16 


To  Cash 


^18 


Sundries To  H.  B.  Bryant  -    -    -    - 

Union  Bank  Stock --- 

Union  Bank .--- 


W 


To  Union  Bank  Stock 


S4 


To  Merchandise    - 


S6 


To  E.  G.  Folsom   -    -    -    - 

37 


To  Union  Bank  Stock  - 

28 


To  Cash 


200 


IGOO 


412 


5250 
1000 


2160 


50 


6926 


25 


1000 
9000 


200 


1600 


200 
375 


65 


150 


150 


28493 


412 


6250 


2160 


575 


75 


65 


150 


150 


50 


28493 


75 


*  Mortgages  Payable  are  the  same  in  effect  as  Bills  Payable :  and  the  question  as  to  keeping  separate  accounts  must  be 
iedded  by  the  persons  interested.    The  distinction  is  sufficiently  marlied  to  make  the  separation  proper. 

37 


Br, 


Dr, 


18B0 
Feb. 


1 

1 

2 

8 

15 

90 

84 


To  Saudries  -  - 
Md9e.  -  -  - 
H.  D.  Strattuu 
Md^e.    -    -    - 


Uaion  Bank  Stock - 

Mdse. 

Union  Bank  Stock 

T495  75 


SET   II.— LEDGER. 


H.  B.  Bryant. 


1880 
Feb. 


1 

13 


Dr. 


\m) 

Feb. 

1 

44 

7 

kt 

IS 

To  Sundries    -    - 
Bills  Payable 
Mdse.    -    -    • 


157  50 


•J 

Cash. 


1880 

1 

4429 

75 

Feb. 

3 

"l 

SO 

t. 

10 

1 

20 

4i 

Id 

1 

103 

50 

i> 

28 

2 

412 

50 

2 

2160 

2 

200 

2 

150 

By  Sundries  -    -    -    - 

'  10814.76 

By  Mdfe.    -    - 

Rtal  Estate   -    -    - 

Expense    -    -    -    - 

*•  ... 

1206 


Bills  Receivable. 


1 

57 

50 

1 

500 

2 

200 

1 

8 


Cr. 


4624 

0250 


75 


Cr, 


1 

50 

2 

1000 

2 

5 

2 

150 

Cr. 


Dr. 


1880 
Feb. 


Dr. 


Dr. 


To  Mdse. 


SET  II.— LEDGER. 

9 

S.  S.  Packard. 


lO 

Ivison  &  Phinney. 


1880 
Feb. 


By  Mdse. 


11 

Dawson,  Warren  &  Hyde. 


1880 
Feb. 


By  Mdse. 


12 


Cr. 


Cr. 


112 


50 


Cr. 


62 


50 


Dr. 

Real  . 

Estate. 

Cr. 

1880 
Feb. 

10 

To  Sundries 

2 

10000 

I 

i 


Dr. 


1S80 

Feb. 

1 

ti 

3 

ii 

5 

44 

14 

To  Sondries 


Dawson,  W.  &  Hyde 
Bills  Payable 


8308  50 


Dr. 


M  erchandise. 


1880 
Feb. 


To  Sundries 


Dr. 


1880 
Feb. 


To  Sundries 


Dr. 


Dr. 


1880 

1 

1333 

60 

Feb. 

1 

1 

212 

50 

i« 

8 

1 

62 

50 

ifc 

12 

2 

1600 

, 

15 
2^ 

H.  D.  Stratton. 


23 


188C 
Feb. 


6 

E.  G.  Folsom. 


115 


1880 
Feb. 


3 
25 


Bills  Payable. 


1880 
Feb. 


1 

7 
14 


8 

J.  D.  Comstock. 


1880 
Feb. 


By  Sundries 


38 


1 
1 

2 


Cr. 


1 

72 

1 

103 

2 

200 

2 

412 

2 

575 

By  Sundries  -  -  -  - 
Cash  -  -  -  -  . 
Bills  Receivable     - 

Cash 

Sundries ,^-^3 

By  Cash     

By  Mdse. 

Expense    -    -    -    -. 

116 

By  Sundries  -  -  -  - 
Bills  Receivable     - 

^^^'    •    -    •    "mm 


50 
50 


Cr. 


20 


Cr. 


60 
65 


Cr. 


1235 

500 
1600 


Cr. 


96 


Dr. 


Dr. 


1880 

Feb. 

16 

it 

25 

44 

28 

13 


Mortgage  Payable. 


1880 
Feb. 


10 


By  Real  Estate 


14 

Expense. 


To  Cash  -  -  - 
E.  G.  Foleom 
Cash     -    -    - 


S20 


Dr. 


2 

2 
8 


5 

65 
150 


15 

Union  Bank  Stock. 


39 


Cr. 


Cr. 


Cr. 


18S0 
Feb. 

18 

To  H.  B.  Bryant      -    -    - 

2 

5253 

1880 
Feb. 

20 
27 

By  Cash     -    - 

4k                 _        . 

S310 

2 
3 

2160 
150 

Dr. 

16 

Union   Bank. 

Cr. 

1880 
Feb. 

18 

To  H.  B.  Bryant      -    -    - 

2 

1000 

Dr. 

17 

John  ^^/'.  Gantz- 

Cr. 

1880 
Feb. 

34 

To  Mdse. 

2 

375 

I 


»" 


it 


SET  11.— GENERAL  STATEMENT. 


GENERAL    STATEMENT. 

In  the  foregoing  Ledger  we  have  the  current  condition  of  H.  B.  Bryant's  bnsiness  on 
the  28th  of  February,  as  far  as  that  condition  can  be  shown  by  the  Ledger,  without  closing 
the  accounts.  This  part  of  the  labor  we  leave  for  the  student;  but  shall  give,  in  this  con- 
nection, a  statement  which  will  afford  him  the  required  aid.  It  is  essential  that  the 
principles  of  this  statement,  as  also  its  form  and  method,  be  fully  mastered. 

'  Double  Trial  Balance. 


Facs  o» 

DfPrBBSMCES.  1 

Lesoeb. 

0290 

75 

7405 

75 

757 

50 

757 

50 

1845 

50 

3208 

20 

115 

50 

• 

52 

52 

10000 

• 
• 

10000 

220 

220 

2940 

5250 

1000 

1000 

875 

75  i 

375 

76 

28480 

28493 

Ledoxb  Accounts. 


H.  B.  Bryant 

Cash 

Bills  Receivable. 

Merchandise 

H.  D.  Stratton      -     -    -    - 

E.  G.  Folsom 

Bills  Payable 

J.  D.  Comstock    -    -    -    - 

S.  S.  Packard. 

Ivison  &  Phinney     -    -    - 

Dawson,  Warren  &  Hyde  - 

Real  Estate. 

Mortgage  Payable    -    -     - 

Expense 

Union  Bank  Stock   -    -    - 
Union  Bank. 
John  W.  Gantz. 

-     Equilibrium    -    -    -    - 


Fack  of 
Ledger. 


10874 
1205 

1363 

20 

115 

3335 
96 

112 
62 

9000 

2310 


28493 


50 
50 


75 


DlFVEBBNOES. 


10874 


3335 
96 

112 
62 

9000 


23480 


75 


50 
50 


75 


Inventory  of  Unsold  Property. 


Mdse.,  viz. : 

140  yds.  English  Broadcloth @  |  3.00 

200    "     Domestic  Cassimere @      1-00 

2  dozen  Soft  Hats @    24.00 

15  reams  Foolscap  Paper    -----    -    -  @      8.50 

100  sets  Spencerian  Writing  Books       -    -    -  @  75 

38  Gold  Pens    •    -    -,  -    -    -    -    -    -    -    -  @      ^-^ 

150  brls.  Flour      --..------  @      8.50 

80  shares  Union  Bank  Stock @      l^Sa 

Store  and  Rxtures  valued  at 


420 

200 

48 

52 

50 

75 

47 

50 

1275 

2118 

3100 
12000 

17218 

SET  II.— GENEBAL  STATEMENT. 
Statement  of  Losses  and  Gains. -Business  Accounts. 


MeBCHANDISE Seturru  from  sales 1363.00 

Value qf  unsold  {per  Inventory)     -    2118.00 

Total  returns 3481.00 

Outlay ^08^ 

'  CkAn 

I 

I 

Real  Estate V    Value  qf  unsold 12000.00 

Outlay 10000.00 

Gain 

Expense     -    -    -    •  ,-    -    -    Outlay 

Union  Bank  Stock       -     -     -    Returns  from  salts  and  dividend    -    2310  00 

Value  of  unsold 3100.00^ 

Total  returns 5410.00 

OuOay SggQOO 

Gain 

Net  Gain 


Losses. 


220 


2S12 


2432 


GAiira. 


272 


50 


50 


50 


2000 


160 


2432 


50 


Statement  of  Resources  and  Liabilities. -Financial  Accounts  and 

Inventories. 


i.   From  Inventories  of  Umold  Property, 


Merchandise 
Union  Bank  Stock 
Real  Estate  -    - 


Besoubcks. 


2.  From  Ledger  Accounts. 


Cash 


AmourU  received  • 
Amount  paid  out 

Balance  on  hand  ■ 


7495.75 
1206.00 


Bills  Recefvablb  -  -  - 
Bills  Payable  .  -  -  - 
J.  D.  Comstock  -  -  -  - 
S.  S.  Packard  -  -  -  - 
Ivison  &  Phinney  -  -  ^- 
D  vwsoN,  Warren  &  Hyde 


Union  Bank  -  -  - 
John  W.  Gantz  -  - 
Mortgage  Payable 
H.  B.  Bryant     -    - 


Notes  received  {none  disposed  of)    - 
JVbfe*  ismed  {none  redeemed)      -    - 

We  owe  him 

Jleowesus^ 

We  owe  them " 

We  owe  them 

Deposits  in  our  faror 

He  otves  us   -    •  ' " 

Mortgage  issued  and  outstanding  • 
Bis  net  investment 


♦♦     "  gain     -    - 
fli«  present  interest 


10874.75 
2212.50 


2118 

3100 
12000 


6290 
757 

52 


1000 
375 


25693 


75 
50 


25 


LlABILITOtS. 


3335 
96 

112 
62 


9G00 


13067 


25693 


50 
50 


25 


25 


40 


41 


PKACTICAL  EXERCISES.-SECOND  SERIES. 


PRACTICAL  EXERCISES.— SECOND  SERIES. 


Ledger  Results. 


mi 


!  ! 


PRACTICAL    EXERCISES. 

[To  be  y,  -itten  up  after  the  maimer  of  Set  II.] 

Transactions.— SECOND   Series. 

This  is  a  continuation  of  the  business  represented  in  First  Series,  page  29,  beginning  with  the 
lesources  and  liabUities  as  shown  in  the  Statement  on  page  30. 

JTed.    /.-Bought  of  G.  A.  GaskeU,  for  cash,  200  sacks  Java  Coffee,  13000  lbs..  @  W. Sold 

A.  B.  Smith,  on  %,  10  sacks  Coffee,  643  lbs.,  @  18^/. 
^.-Accepted  H.  W.  Bryant's  draft,  favor  W.  A.  Miller,  at  10  ds.  sight,  for  amount  of  his 
account  against  us. 

^.— Sold  A.  C.  Lobeck,  200  bush.  Wheat,  @  |1.56 :   Received  of  him  cash  on  %,  $100. 

Sold  Benj.  Wise,  for  cash,  10  sacks  Coffee,  651  lbs.,  @  18^. 

^.-Bought  of  M.  Halladay  &  Co.,  on  %,  200  brls.  xxx  Flour.  @  $8.75. Accepted  M  Hal- 

laday  &  Co.'s  draft  on  us,  at  20  days  sight,  favor  C.  Claghorn,  for  $2500. Paid  cash 

for  store  rent,  $60. 

^.-Sold  M.  C.  Rhodes,  for  cash,  20  sacks  Coffee,  1300  lbs..  @  18^ Sold  J.  C.  Bryant,  on 

his  note  at  10  ds. ,  175  bush.  Wheat.  @  $1.57. 
7.— Bought  of  Z.  Richards,  on  %,  1000  bush.  Wheat,  @  $1.40. 
S  —Paid  cash  for  our  note  of  Jan.  6.,  fav.  L.  L.  Williams,  due  this  day,  $1640. 
/^.-Discounted  our  acceptance,  favor  M.  Halladay  &  Co.,  of  the  10th  inst..  paying  net  amount  in 

cash.     Face  of  acceptance,  $2500 ;  discount  for  1&  days,  $7.50. 
/^  -Sold  W.  A.  Miller,  500  bush.  Wheat,  @  $1.50 :  received  cash,  $2.")0  ;  balance  on  %, 

/J -Paid  clerk  hire,  in  cash,  $50. H.  Ranney^s  note  of  Jan.  12  has  been  discounted,  the 

net  amount  being  paid  in  cash.    Face  of  note,  $425  ;  discount,  31  days,  $2.20. 

/J.-Receiv.-^  cash  of  E.  C.  Packard,  in  full  of  fc. Paid  A.  S.  Gladwin,  cash  on  %.  $250. 

Paid  our  acceptance,  favor  W.  A.  Miller,  of  $650,  in  cash. 

/6  -Bou-ht  of  M.  Halladay  &  Co.  300  brls.  xxx  Flour,  @  $8.70  ;  gave  in  payment  o^''  mg^^* 
draft  on  L.  S.  Metcalf  for  amount  of  his  indebtedness ;  cash  for  balance.  -  -  -  -  bold  for 
cash.  100  sacks  Coffee,  6500  lbs.,  @  W. 

fS. -Sold  Chas.  aacrhom,  for  cash,  100  brls.  xxx  Flour,  @  $9. Accepted  A.  S.  Gladwin's 

draft  favor  W.  G.  Drummond,  at  10  ds.,  for  balance  of  his  account. 
^^.-Drew  on  A.  B.  Smith,  favor  M.  Halladay  &  Co.,  for  amount  of  Smith's  account,  the  same  to 

be  applied  by  M.  H.  &  Co.  on  our  %. 
^/.-Accepted  Z.  Richards'  draft  at  30  ds.,  favor  Geo.  S.  Bigelow,  for  $1000. 
^.5.— Sold  for  cash.  200  brls  xxx  Flour,  @  $9.12. 
^^.__Paid  cash  for  our  acceptance,  favor  W.  G.  Drummond,  $500. 


Dr. 


Inventory  of  goods  remaining  on  hand.  Feb.  28. 

10  brls   Flour.  @  $8.50 "    '      ^ 

600  bush.  Wheat,  @  $1.45 ?J^ 

60  sacks.  3906  lbs..  Coffee,  @  17^ ^64.02 

200  brls.  XXX  Flour,  @  $8.75       ^^^" 

$3469.02 


42 


8672 
14465 

699 
5290 
2618 

312 

110 

1000 

2 

500 


33670 


50 

48 

75 

96 


20 


89 


Stock        -     •     - 
Merchandise  - 
Cash   -      -      -      - 
Bills  Receivable 
Bills  Payable       - 
M.  Halladay  &  Co. 
A.  C.  Lobeck 
Expense  -     -     - 
Z.  Richards    - 
Interest     -     -      - 
W.  A.  MUler      - 


Or. 


6210 

5765 

89 

9142 

50 

425 

6290 

4330 

100 

14C0 

7 

50 

33670 

89 

Resources  and  Liabilities,  Feb.   28. 


!2iesou7^ces , 

Merchandise      .     -     - 

Cash       -      .      -     -     - 

Bills  Receivable 

A.  C.  Lobeck    - 

W.  A.  Miller    -      -      - 


• 

8469 

02 

5322 

98 

274 

75 

212 

500 

9778 

75 

Ziiabilities. 

Bills  Payable 

M.  Halladay  &  Co.        -      .      .      - 

Z.  Richards 

Stock •li?.?! 


AUXILIARY     BOOKS. 

The  Auxiliary  Books,  given  on  the  following  pages,  should  accompany  the  transac- 
tions of  Set  II.  They  are  those  in  most  common  use,  viz. :  Cash-Book  and  Bill-Book. 
The  forms  are  simple  and  suggestive,  and  the  convenience  of  the  books  readily  apparent. 

a'he  Cash-Book  differs  from  tlie  Cash  account  in  the  Ledger  in  its  fuller  explanations, 
and  in  the  fact  that  it  is  closed  more  frequently  for  the  purpose  of  exhibiting  the  balance. 
Ordinarily  it  is  closed  at  the  end  of  each  day,  in  order  that  the  amount  shown  to  be  on 
hand  should  be  compared  with  the  amount  really  on  hand,  and  the  discrepancy,  if  any, 
accounted  for.  The  "making  up  of  the  Cash  account"  is  one  of  the  important  duties 
of  the  accountant. 

The  Bill-Book  constitutes  a  useful  memorandum  of  paper  maturing,  either  for  or 
against  us,  and  is  carefully  kept  by  concerns  where  notes  and  drafts  form  a  part  of  the 
business  machinery.    The  forms  here  given  are  the  ordinary  forms. 

43 


I 


il 


HA 


ill 


1   I 


>!•. 


ih 


AUXILIARY  BOOKS  FOR  SET  IL 


fdeceired. 


C  ASH- 


Feb. 


2 

8 

15 

ao 

24 
27 


To  Stock  -  -  - 
Mdse.  -  -  - 
H.  D.  Stratton 


Amount  invested  - 
Sold  S.  8.  Packard 
Received  on  % 


Mdse. Sold  J.  H.  Ooldamith 

Sold  D.  L.  Wing  -    - 

Union  Bank  Stock       -     -  Sold  B.  JfcOann  -    - 

Mdse. Sold  J.  W.  Oantz      - 

Union  Bank  Stock      -    -  Jtee'd/or  Dividend   - 


To  Balance From  old  % 


4429 

20 

20 

103 

412 

2160 

200 

150 


75 


50 
50 


7405 


7485 


75 


6280 


75 


75 


BILL- BOOK 


MO. 

WHEN 
RECEIVED. 

DRAWER   OR 
ENDORSER. 

DRAWEE  OR 
MAKER. 

IN   WHOSE 
FAVOR. 

FOR  WHAT 
RECEIVED. 

WHERE 
PAYABLE. 

1 

s 

3 

Feb. 
it 

ti 

1 

7 

13 

B.  McGann. 
H.  B.  Bryant. 
H.  B.  Bryant 

S.  8.  Packard. 
Digby  V.  Bell. 
J.  T.  Calkins. 

H.  B.  Bryant, 
da       do. 
do.       do. 

Investment. 

Accommodation. 

Merchandise. 

Onr  Office, 
do.     do. 
do.      do. 

BILL- BOOK 


NO. 

WHEN 
ISSUED. 

DRAWER   OR 
ENDORSER. 

DRAWEE   OR 
MAKER 

IN   WHOSE 
FAVOR. 

FOR   WHAT 
GIVEN. 

WHERE 
PAYABLE. 

1 
3 
3 
4 
5 

Jan. 

It 

tt 

Feb. 
»t 

9 
14 
10 

7 
14 

Francis  &  Loutrel. 
Smith  &  Co. 
Peteir  Cooper. 
Digby  V.  Bell. 
S.  S.  Guthrie. 

H.  B.  Bryant, 
da       da 
da       da 
da       do. 
da       do. 

Francis  &  Loutrel. 
Smith  &  Co. 
W.  H.  Beebe. 
Digby  V.  Bell. 
A.  M.  Clapp. 

Merchandise. 

do. 
To  balance  %. 
Accommodation. 
Merchandise. 

College  Bank, 
do.       do. 
do.       do. 
do.       do. 
do.       do. 

AUXILIARY  BOOKS  FOR  SET  IL 


BOOK. 


^aid  out. 


Feb. 


(t 


3 
10 
16 

28 


By  Mdse.    -     - 
Real  Estate 
Expense    - 


-  -     -  BoH  qf  Ivison  dk  Phinney    -    -    - 

-  -     -  Paid  on  store  and  fixtures  -    -    - 

-  -     -  Pcdd  drayman  infuU     -    -    -    - 
*'           Paid  derk's  salary  and  store  rent 

Balance Anunmt  on  hand 


50 

1000 

5 

150 

1205 

• 

6S90 

\ 

7485 

i 

1 

75 


RECEIVABLE. 


^ 

DATE. 

TIME. 

WHEN     DUE. 

AMI. 

WHEN  AND  HOW 

Tmt. 



Month. 

Y^r. 

J«n. 

Feb. 

Mar. 

Apr. 

May 

JOM 

July 

A««. 

Sep. 

Oct. 

Not. 

Dm. 

DISPOSED  OF. 

1880 

Jan. 

13 

eods. 

1880 

67.50 

1880 

Feb. 

7 

30  ds. 

1880 

w 

• 

> 

BOO 

1380 

tt 

13 

sods. 

1880 

n 

\ 

. 

300 

•■"<, 

\ 

PAYABLE, 


DATE. 

TIME 

WHEN     DUE. 

AMI. 

WHEN  AND  HOW 

Yew. 

Month. 

Year. 

IS 

Feb. 

Mar. 

Apr. 

A 

May 

JOM 

Jnly 

Aug. 

Sep. 

Oct. 

KoT. 

Dm. 

REDEEMED. 

1880 
1880 
1880 
1880 
1880 

Jan. 
It 

It 
Feb. 

u 

9 
14 

10 

7 

14 

90  ds, 
40  ds 
10  ds 
aOda 
60  ds 

1880 
1880 
1880 
1880 
1880 

1000 
600 
600 

1600 

Jan. 

38 

Paid. 

45 


II* 


QUESTIONS    FOR    REVIE^V. 


1.  Where  are  Ihe  Resources  and  Liabilities  shown  at  the  commencement  of  Set  II  obtained  ?— 
2.  Can  Gains  and  Losses  be  shown  at  the  commencement  of  business?—^.  Why  not?— 4.  What  has 
become  of  the  gain  shown  to  have  been  realised  in  the  month  of  January  ?— 5.  How  does  the  interest 
of  the  proprietor  at  the  commencemeni;  of  Set  II  vary  from  his  interest  at  the  commencement  of 
Set  U—C.  What  has  effected  this  difference?— 7.  When  is  it  proper  to  increase  the  credit  side  of  Stock 
account  ?~5.  When  the  debit  side  ?— 9.  Is  the  term  "  Sundries  "  used  as  a  Ledger  account  t—10.  For  what 
purpose  is  it  used?— ii.  How  will  its  convenience  be  most  apparent ?— if .  How  many  kinds  of  Journal 
entries  are  there,  and  what  are  they?-i.?.  What  is  meant  by  the  term  -Mortgage  Payable"?— 
I4.  What  is  the  difference  in  effect  between  Mortgages  Payable  and  Bills  Payable  1—15.  Is  there  any 
real  difference  ?—i().  How  many  Ledger  accounts  are  used  in  Set  II?— i;.  How  many  of  them  are  can- 
celed ?—i.b*.  WTiich  of  these  Ledger  accounts  exhibit  Resources  ?—i5.  Which  Liabilities  ?—^0.  Which 
gains?— ;?i.  Which  losses?— -e^.  What  is  the  distinction  between  the  accounts  of  "Union  Bank" 
and    "Union  Bank  Stock"?  — ^5.  What  will   be  the  first  step  in  ascertaining  the  grain  or  loss  in 
Merehandise  account  ?-^^.  If  the  net  cost  of  merchandise  exceeds  the  value  of  merchandise  unsold, 
will  the  account  show  a  gain  or  a  lossf-'25.  Why  do  you  carry  the  value  of  merchandise  unsold  to 
the  credit  of  the  Merchandise  account ?—i?6.  Why  make  the  entry  in  red  ink?— ^7.  Can  you  ^ve  a 
rule  for  the  use  of  red  ink  entries  in  the  Ledger  t-2S.  In  transferring  a  red  ink  entry  to  another 
account  why  do  you  always  carry  the  amount  to  the  opposite  side  of  the  new  account  1—29.  What 
Ledger  account  in  Set  II  corresponds  with  Stock  account  in  Set  U-30.  What  does  H.  B.  Bryant's 
account  represent,  as  it  stands  on  the  Ledger?- 5/.  How  much  docs  it  fail  to  show  his  interest  in 
the  business  on  the  28th  February?- 5Z  Where  will  you  get  the  amounts  which  will  make  up  the 
difference?— 5^.  Is  it  necessary  that  a  "Loss  &  Gain"  account  should  be  opened?— 54.  If  not  opened, 
to  what  account  would  it  be  proper  to  carry  the  losses  and  gains  at  the  close  of  business  ?—.?5.  What 
advantages  are  gained  by  opening  a  "  Loss  &  Gain  "  account  t-SG.  Is  it  necessary  to  open  a  Balance 
account?— J7.  If  a  Balance  account  is  not  opened,  how  can  the  resources  and  liabilities  be  represented 
on  the  Ledger?— 55.  What  is  the  theory  ot  the  "General  Statement"  as  given  in  Set  lU-39,  What 
are  the  Auxiliary  Books  given  in  connection  with  this  Set?-^^.  For  wliat  purpose  is  the  Cash-Book 
used?— 47.  How  often  is  the  Cash-Book  closed? -4?.  With  what  must  the  difference  in  the  sides 
agree?- 4<?.  What  is  the  advantage  of  the  daily  test?— 44-  For  what  purpose  is  the  Bill-Book  used?- 
4.5.  What  is  the  particular  convenience  of  the  Bill-Book  ?  ^-46.  With  what  account  in  the  Ledger  will 
the  uncanceled  notes  in  the  Bill-Book  Receivable  agree  ?— 47.  In  the  Bill-Book  Payable  ? 


•  The  Bill-Books  in  common  use  have  the  records  of  Bills  Payable  in  one  part,  and  Bills  Receivable  in  the  other, 
conversely  arranged.  .0  that  each  seems  to  be  at  the  commencement  of  the  book.  It  is  nsoal  to  put  the  last  day  of  grace 
Tthe  "  When  Sue''  column,  although  some  insist  upon  including  the  day  upon  which  the  note  is  written  to  faU  du«. 
When  both  dates  are  specified,  it  is  done  iu  tiie  form  of  a  fraction,  similar  to  the  example  shown. 


46 


SET    HI. 


■<m^ 


jr. 


DAY-BOOK,    JOURNAL, 
COMMISSION   SALES-BOOK,   ACCOUNT    SALES 


[Continuation  of  Set  II.] 


BUSINESS    ADVERSE. 


47 


.'I 

I 


/ 


SET  IIL— DAY  BOOK. 


KEW  YORK,  March  1,  1872, 


The  following  Resources  and  Liabilities  are  from  H.  B.  Bryanf  s 
Ledger  B.    The  business  to  be  continued  under  his  name. 


Resources.   - 


!/• 


2118  00 

Merchandise  as  per  Liventoiy  .    ...-------  ZZ     ' 

Union  Bank  Stock,  real  yalue .oAnnnn 

Real  Estate,  estimated  at ,    -    -    -  ^:!;!!!!'!;^ 

Cash  on  hand - 757  50 

Bills  Receiyable,  notes  on  hand \l\r. 

S.  S.  Packard  owes  on  %      .--.•-- 

John  W.  Gantz      do.  

Union  Bank,  amount  on  dejKwit 


6290.75 
57.50 
52.00 
375.00 

1000.00 


Ztiabilities,- 


/ 


Bills  Payable,  outstanding  notes ^^oa'ah 

J.  D.  Comstock,  balance  due  him 

Ivison  &  Phinney    "         "    them 

Dawson,  Warren  &  Hyde,  balance  due  them      .    .    ,    -    - 
Mortgage  Payable 


96.00 

112.60 

62.50 

9000.00 


25693 


25 


1  ^- 


>/ 


Shipped  per  Peoples'  line,  and  consigned  to  Sheldon  &  Co.,  Albany,  to 
be  Bold  on  our  %  and  risk, 
140  yds.  EneUsh  Broadcloth     .    .    .@«3.50        490.00 
200    «   Domestic  Cassimere    .    -    .®    1-25        250.00^740.00 

Paid  drayage  on  same  in  cash :! 


12606 


1.00 


>/ 


S 


Sold  James  Monroe,  for  cash,  2  doz.  Soft  Hats,  ®  $26 


// 


A 


Received  per  N.  Y.  &  E.  R.  R.,  from  J.  R.  Wheeler  &  Co.,  Buffalo,  to  be 
oold  on  their  %  and  risk, 

500  bbls.  Flour,  invoiced @  $8.00 

5000  bu^.  Wheat .    . ®    ^'^^ 

Paid  transportation  charges,  in  cash 


48 


741 


52 


100 


89192 


26 


SET  HL— JOURNAL. 


NEW  YORK,  March  1,  1872. 


Sundries  To  H.  B.  Bryant  .    .    .    . 

Merchandise 

Union  Bank  Stock    -    -    -' 

Real  Estate  ...    -  ^.    - 

Cash 

Bills  Receivable 

S.  S.  Packard 

Jno.  W.  Gantz 

Union  Bank 

ff 

--  ~  --   -   "    — I  •■■■■■'     II   I-  ■  I-  ■ 

H  B.  Bryant  To  Sundries 

Bills  Payable  .  .  .  . 
J.  D.  Comstock  .  .  . 
Ivison  &  Phinney  .  . 
Dawson,  Warren  &  Hyde 
Mortgage  Payable     .    - 

i -_ 

Shipment  to  Albany*  To  Sundries 

Merchandise  .  .  .  . 
Cash 

^ 

Cash 

To  Merchandise    .    -    .    - 

^ // 

J.  R.  Wheeler  &  Cc's  Consignment' 

To  Cash 


2118 

3100 

12000 

6290 

757 

52 

375 

1000 


25693 


25 


75 
50 


12606 


741 


52 


100 


39192 


25 


49 


3335 

96 

112 

62 
9000 


50 
50 


740 
1 


52 


100 


39192 


25 


SET  III.— DAY  BOOK. 


r 


ill 


s 

.YETT  rOiJliC,  March  3,  1872. 

/ 

Sold  S.  R  Gray,  Albany, 

50  sets  Spencerian  Writing  Books @  %%f           44 .  00 

15  reams  Foolscap  Paper @  $3 .  70      55 .  50 

88  Gold  Pens @    1.50      57.00 

156 

500 
96 

4500 

175 
750/ 

11900 
1548 

Received  in  Pay't  Ivison  &  Phinney's  Draft  on  us  for  $112 .  50 

Oash  for  balance 44.00—156.50 

50 

« 

/ 

»/ 

4 
Iteceived  Cash  for  rent  of  ofl&ces  in  second  story 

/ 

ft  ~                   ■-"    — 

Paid  J.  D.  Comstock  cash,  in  full  of^ 

r 

>/ 

Sold  Wm.  H.  Crocker,  on  his  note  at  60  days, 

500  bbls.  Flour  (J.  R  W.  &  Co.'s  Consignment)  @  $9 

</ 

^/                                     •■  

Received  per  steamer  New  World,  from  M.  B.  Scott,  Cleveland,  to  be 
sold  on  his  %  and  risk, 
800  bush.  Com,  invoiced  @  75^ 
2000    "     Oats,        "        (^GOf 
500      "     Wheat,    «        @  $1.38 
Paid  Freiffht  and  Insurance,  in  cash 

• 

v' 

Sold  J.  C.  Bryant,  for  cash, 

5000  bush.  Wheat  (J.  R  W.  <&  Co.'s  Consignment)  @  $1 .  50    .    .    . 

»/ 

//                 . 

Closed  J.  R  Wheeler  &  Co.'s   Consignment,  and  rendered  them  an 
Account  Sales  of  the  same. 

Our  charges  for  Storage  and  Advertising $25.00 

Our  Commission  on  Sales 300 .  00 

J.  R  Wheeler  &  Co.'s  net  proceeds 11575  00 

7 

k^ 

Shipped  per  steamer  Swiftsure,  and  consigned  to  Cobb  &  Co.,  New 
Haven,  to  be  sold  on  our  %  and  risk, 

100  bbls.  Flour  from  store,  valued  at  $9 $900.00 

800  bush.  Com  (M.  B.  S.'s  Consignment)  @  80)^  .    .    .    .     640.00 

Paid  cash  for  Insurance — premium  and  poHcy 8 .  70 

70 

1 
I 
1 

26376 

20 

50 


SET  UL— JOURNAL. 

:N^EW  YORK,  March  3,  1872. 

Sundries  To  Jlerchandise    .    .    .    . 

Ivison  &  Phinney' 

Cash 

4 . 

Cash 

To  Real  Estate 

tf 

J.  D.  Comstock 

To  Cash 

r> 

Bills  Receivable     ... 

To  J.  R  Wheeler  &  Co.'s  Consignment 

// ^ 

M.  B.  Scott's  Consignment      . 

To  Cash 

e 

Cash 

To  J.  R.  Wheeler  &  Co.'s  Consignment 

/  / 

J,  R  Wheeler  &  Go's  Cons't    To  Sundries* 

Storage  and  Advertising 
Commission  .  .  .  . 
J.  R  Wheeler  &  Co. .    . 

r 

Shipment  to  New  Haven  To  Sundries 

Merchandise  .  .  .  . 
M.  B.  Scott's  Cons't .  . 
Cash 


112 
44 


500 


96 


4500 


175 


7500 


11900 


50 


1548 


26376 


70 


20 


156 


500 


50 


96 


4500 


175 


7500 


25 

300 

11575 


900 

640 

8 


26376 


70 


20 


51 


SET  m.— DAY  BOOK. 


XEfT  TOBK,  March  8,  1872, 


sf 


^ 


Sold  Charles  Claghom,  for  cash, 

2000  bush.  Oats  (M.  B.  S/s  Consignment)  @  75J^ . 
500       **     Wheat        «  "  ^\^m 


1500.00 
750.00 


ft 


Closed  M.  B.  Scott's  Consignment,  and  rendered  him  an  Account  Sales 

of  the  same. 
Our  charges  for  Storage  and  Adyertismg nim 

Our  Commission  on  Sales oaL  7)^ 

M.  B.  Scotfs  net  proceeds,  remitted  in  cash JWi,!^ 


s/ 


2250 


2715 


375 


The  steamer  on  which  we  shipped  goods  to  Sheldon  &  Co.,  Albany,  was  ^ 
sunk  by  collision,  and  our  goods,  which  were  rescued  m  a  damaged  ^ 
condition,  and  upon  which  there  was  no  insurance,  were  sold  at  ^ 
auction  for  cash 


—  12 


s/ 


'  Received  from  C.  S.  Dole  &  Co.,  Chicago,  to  be  sold  on  their  %  and 

risk, 
500  bbls.  Extra  Superfine  Flour, 
1000    "     Superfine  Flour, 
3000  bush.  Rye. 
Paid  Freight  in  cash 


150 


»/ 


IB 


Sold  E.  R  Felton,  at  30  days,  on  %, 

500  bbls.  Superfine  Flour  (C.  S.  D.  &  Co.'s  Consignment),  @  $8  .    . 


300 


4000 


9904 


50 


52 


SET  UL— JOURNAL. 
NEW  YORK,  March  8,  1872. 

Dawson,  Warren  &  Hyde - 

To  Cash 

rt  ____^ 

Cash 

To  S.  S.  Packard  .... 

• 

9 • 

Cash 

To  M.  B.  Scotfs  Cons't .    . 

// 

M.  B.  Scott's  Cons't  To  Sundries 

Storage  and  Advertising 
Commission  .... 
Cash 

10 

Cash 

ToJ.W.  Gantz     .    .    .    . 

___ii 

Cash 

To  Shipment  to  Albany*    . 

IS * 

C.  S.  Dole  &  Co.'s  Consignment 

To  Cash 

13 

E.R  Felton 

To  C.  S.  Dole  &  Cc's  Cons't 


53 


62 


50 


52 


2250 


2715 


375 


150 


300 


4000 


9D4 


62 


52 


2250 


40 

72 

2602 


50 


375 


150 


25 

75 


300 


50 


4000 


9904 


50 


i 


SET  in.— DAY  BOOK. 


JfEW  TOBK,  March  13,  1872. 


/ 


/ 


i 


/ 


,/ 


D.  V.  Bell  has  returned  our  note  issued  Feb.  7,  and  we  have  surrendered 
his  of  the  same  date  and  amount 


15 


Paid  cash  for  Taxes  on  Real  Estate 150.00 

Also  for  Clerks'  Salaries  to  date 125^00_ 


/f 


H.  B.  Bryant  has  drawn  Cash  for  private  use 


500 


275 


500 


f/ 


Received  Cash  of  S.  S.  Packard  for  his  note  now  due 


/ 


/ 


f7 


57 


Received  Cash  of  J.  T.  Calkins  in  full  for  his  note 


18 


Received  advice  from  Cobb  &  Co.,  New  Haven,  of  the  sale  of  150  bbls. 

Flour  and  800  bush.  Com,  shipped  them  on  the  7th  inst., 
Net  proceeds  remitted  in  Cash 


200 


50 


20 


/ 


Sold  John  R  Penn,  for  Cash, 

500  bbls.  Extra  Superfine  Flour  (C.  S.  D.  &  Co.'s  Consignment)  @  S9 


1200 


22 


/ 


Sold  for  Cash,  to  E.  H.  Bender,  Albany, 
30  shares  Union  Bank  Stock  @  $100 


4500 


3000 


/ 


25 


Paid  our  Note  in  Cash,  favor  of  Smith  &  Co.,  due  Feb.  26  .    .   1000 .  00 
Interest  due  on  same  to  date — ^??- 


1005 


11238 


83 


33 


54 


SET  IIL— JOURNAL. 
Mi 

ills 
ash 

ash 
ills 

ills 

iiip' 

■  o. 

nio 
isli' 

55 


NEW  TOBK,  March  13,  1872. 

4 

Bills  Payable     . 

To  Bills  Receivable    .    .    . 

500 

150 
125 

50C 

57 

200 
1200 

4500 
3000 

1000 
5 

50 

83 
33 

i 

500 

275 

1 

500 
67 

200 

1200 

4500 

3000 
1005 

Sundries 
Real  Estate  . 

To  Cash 

Expense 

Private  Account" 

// 

ToCa,sh 

Cash    ..... 

To  Bills  Receivable    .    .    . 
77 

50 

Cash         .....__..._.___ 

Cash    .... 

To  Bills  Receivable    .     .    . 
79 

Cash 

To  Ship't  to  New  Haven 

op 

To  C.  S.  Dole  &  Co.'s  Cons't 

Cash    .... 

To  Union  Bank  Stock  .    . 

on 

Sundries 

Bills  Payable    .    , 

Interest    .... 

To  Cash' . 

83 

11238 

11238 

33 

'■:t 


ii 


III 


/ 


SET  IIL—DAY  BOOK. 
XEW  TOBK,  March  25,  1872, 

Paid  cash  for  our  Note  of  the  14th  ult,  at  5  mos.,  favor  of  A.  M.  Clapp, 

Face  of  Note iWn  ^^'7 

-o.    1        -J  ....   1565.57 

Cash  paid 

Discount  off  to  July  18 •    •  _^ii^ 

1600.00 


SET  IIL— JOURNAL. 


NEW  TOBK,  March  25,  1872. 


// 


,   Sold  J.  H.  Goldsmith,  for  cash, 
/         500  bbls.  Superfine  Flour  (C.  S.  D.  &  Co/s  Consignment)  @  $8 .  50 


/ 


// 


Accepted  J.  R.  Wheeler  &  Co/s  Draft  on  us  at  3  days' sight      .    .    .    - 

27  — — — 

Closed  C.  S.  Dole  &  Co.'s  Consignment,  and  rendered  them  an  Account 
Sales— 3000  bush.  Rye  remaining  unsold. 
Our  charges  for  Storage  and  Advertising 50.00 

Our  Commission  on  Sales lonoi'I- 

C.  S.  Dole  &  Co/s  net  proceeds l^^l.^^ 

Paid  our  Note  favor  of  Francis  &  Loutrel,  in  cash 


1600 


4250 


11575 


// 


\ 


/ 


Ptemitted  C.  S.  Dole  &  Co.  cash  to  balance  % 


12450 
235 


Bills  Payable 


To  Sundries* 
Cash  .  . 
Interest  . 


/^ 


Cash 


To  C.  S.  Dole  &  Co.'s  Cons't 


tf 


s/ 


J.  R.  Wheeler  &  Co. 


1600 


4250 


To  Bills  Payable  . 


.27 


C.  S.  Dole  &  Co.'s  Cons't 


To  Sundries 

Storage  and  Advertising 
Commission  .  .  .  . 
C.  S.  Dole&Co.  .    .    . 


ff 


12081 


31 


Paid  sundry  Expenses  this  month,  in  cash 


25 


75 


' 


42266 


25 


Bills  Payable 


11575 


12450 


1565 


57 


34  43 


4250 


235 


To  Cash 


tf 


C.  S.  Dole  &  Co. 


To  Cash 


81 


Expense 


To  Cash 


12081 


11575 


50 

318 


75 


12081  25 


25 


75 


42266 


235 


12081 


75 


25 


25 


:  42266  1 25 


,  ».a>,i«,n*.nt  to  Albany"  Is  a  name  given  to  this  venture  to  distinguish  it  from  Merchandise 
NoT«  or  K"™"*^-' l^^r^^l^i^^^  invested  the  proceeds  in  this  venture. 

to  Store.    It  is  as  though  we  had  sold  the  ^fwhf^dise  »na  i^^  f  accounl^-although  it  is  usea 

'  "•^  ^rt:^.rof  tSJ^fi^r^^^  mstead,  therefore,  or  denting 

to  represent  the  property  of  that  firm,  ^°^*^"^*''  nronertv  we  debit  it  only  with  what  it  has  cost  us. 

^'^r^lZ:;:TrlTTr^l'^r^^^  we^we  them.    H  we  a«.pt  or  pay  the  ^ 

accounts.    The  net  result,  so  ftr  as  we  are  ^^^^f^^'^J.^Xl^'lTlZn^^^  The  Consignment  account, 

for  storage,  Advertisin,,  and  Commission  we  ^-^^  ^^^^^J  r.  feeler  &  Co.'s  account. 

"rH:r^rtr^rhipm:n?ro"i^^^^^ 

^epre^I^ve  account.    The  diflfereuce  will  he,  in  this  case,  a  Iobb. 

56 


« It  is  ordinarily  best  to  keep  the  proprietor's  "  Stock"  or  Capital  account  sacredly  to  its  purpose-that  of  showing  the 
net  investment.  If,  therefore,  he  has  dealings  with  the  concern  as  a  private  individual,  such  as  drawing  out  money  tem- 
porarily, or  negotiating  any  personal  matter,  such  transactions  should  be  recorded  in  a  special  account,  which  should  be 
treated  and  considered  the  same  as  any  personal  account.  ^      ,.,       u     ,  ^   ,,     ^    v  v 

7  a:i  accounts  representing  Cash-viz.,  Personal  accounts,  Bills  Receivable  and  BUls  Payable- should,  like  Cash,  be 
debited  and  credited  with  the  expressed  value.  All  accumulations  in  the  way  of  interest,  or  depreciations  from  any  source, 
should  be  shown  in  other  accounts.  In  thi.  case  the  face  of  the  note  Is  $1000,  but  the  worth  of  the  note,  with  theaccumu- 
lated  Interest,  is  $1005.83 ;  and  this  is  the  amount  we  must  pay  to  cancel  it.  We  therefore  debit  Bills  Payable  with  the  fiice 
ofthenote,  and  Interest  with  the  amount  we  pay  for  interest. 

s  In  this  case  the  note  is  worth  less  than  its  expressed  value,  as  it  has  yet  a  certain  time  to  mature,  and  the  use  of  the 
money  is  worth  something.  This  use  is  estimated  at  $34.43 ;  therefore,  in  redeeminsr  the  «ote  at  this  time  we  are  allowed 
this  amount,  which  being  deducted  from  the  face  of  the  note,  leaves  us  to  pay  in  cash  $1565.5.  We  debit  Bills  Payable 
with  the  face  of  the  note,  and  credit  Cash  for  the  amount  paid,  and  Interest  for  the  Uiffereuce-that  being  the  amount  pro- 
duced  by  Interest,  or  by  paying  our  note  before  it  is  due. 

57 


i: 


■i 


\K-i 


SET  III.— STATEMENT. 

STATEMENTS. 
Trial  Balance. 


H.  B.  Bryant 

Merchandise  (Unsold,  $37.50) 

Union  Bank  Stock 

Real  Estate  (Unsold,  $12000)  -    - 

Cash --- 

Bills  Receivable 

Union  Bank    .---.----■- 

Bills  Payable 

Mortgage  Payable     .--.-- 

Ship't  to  Albany 

Ship't  to  New  Haven 

E.  R.  Felton       

Interest  (Accrued  on  Mortgage  Payable,  $84) 

Storage  and  Advertising 

Commission 

Expense 

Private  Account 


12600 
2118 
3100 
12150 
30421 
5257 
1000 
3335 

741 

1548 

4000 

5 


200 
500 

76983 


25 
50 


70 
83 


28 


Statement  of  Losses  and  Gains. 


Losses. 


Merchandise 

Union  Bank  Stock      -    - 

Real  Estate 

Shipment  to  Ai^any  -    - 

Interest      

Stor.\ge  and  Advertising 

Commission 

Expense       ------ 

Shipment  to  New  Haven 


Net  Loss 


232 
100 

591 
55 


200 

348 


1527 


40 


(0 


10 


25693 

1848 

3000 

500 

19083 

757 

14910 

9000 

150 

1200 

34 
115 
691 


76983 


25 
50 


60 
60 


43 


28 


Gains. 


350 


115 
691 


371 


1527 


I 


10 


10 


Statement  of  Resources  and  Liabilities. 

Resources. 


Liabilities. 


Merchandise .    .    - 

Real  Estate 

Cash 

Bells  Receivable - -■ 

Union  Bank 

Bills  Pay.\ble    -------         

Mortgage  Payable     

Interest  Payable 

E.  R.  Felton   - 

H.  B.  Bryant's  net  investment 


58 


37 

12000 

11337 

4500 

1000 


4000 


32875 


50 
65 


15 


11575 

9000 

84 

12216 


32875 


15 


15 


SET  III.— CLOSED   OUT. 


THE    BUSINESS     CLOSED     OUT. 

The  foregoing  statement  is  presumed  to  be  in  accordance  with  the  results  shown  in 
the  student^s  Ledger,  and  affords  all  the  necessary  material  for  closing  the  business  in 
due  form.  The  main  facts  only  are  given  here,  leaving  it  for  the  student  to  follow  the 
analytical  method  as  presented  in  Set  II.  An  important  feature  of  this  set  is  the 
mcurrring  of  a  net  loss,  thus  decreasing  the  investment,  instead  of  increasing  it  as  in  the 
previous  sets.  Another  feature  is  the  recognition  of  accumulated  interest  on  Mortgage 
Payable,  thus  instancing  a  liability  not  as  yet  shown  in  the  Ledger.  [The  inventories, 
instead  of  being  presented  in  detail,  are  simply  noted  in  the  Trial  Balance  in  connection 
with  the  proper  accounts.]  The  use  of  this  item  in  giving  the  true  standing  of  the 
Interest  account  is  important  in  all  its  applications. 

The  proprietor  of  the  business  now  proposes  to  reduce  his  resources  to  cash  with  a 
view  of  engaging  in  a  new  business  with  a  partner.  The  transactions  which  follow  are 
to  this  end. 

'transactions. 

^pr,   /. — Invested  in  the  concern  of  Bryant  &  Stratton,  cash,  $10,000.* 
^.—Received  cash  of  E.  R.  Felton,  in  full  of  %. 

S. — Sold  Bryant  and  Stratton,  store  and  fixtures   for  $12500  ;    transferred  mortgage,  $9000 ; 

interest  on  same,   $84  ;   received  balance  in  cash,   $3416 Redeemed  our  acceptance 

favor  of  J.  R.  Wlieeler  &  Co.,  $11575  ;  gave  in  payment,  W.  H.  Crocker's  note,  due  May  7, 
$4500  ;  less  discount  for  34  ds.,  $29.75  ;  cash,  $7104. 75.t 

/O, — Sold  James  Atwater,  Lockport,  for  cash,  50  sets  Spencerian  Writing  Books,  @  80^. 

/J.— Deposited  cash  in  Union  Bank,  $1688.90. 

SO, — Drew  from  Union  Bank  and  invested  in  Bryant  &  Stratton's  concern,  $2688.90. 


FINAL      RESULT. 


Besources. 
Bryant  &  Stratton's  concern 


$12688.90 


LiabUities. 


H.  B.  Bryant 


$12688.90 


*  The  record  of  this  transaction  vdll  exhibit  in  a  clear  light  the  relation  of  the  proprietor  to  his  business.  This  is  the 
business  of  H.  B.  Bryant,  the  results  of  which  are  to  be  transferred  to  the  new  concern  of  Bryant  &  Stratton.  There  are 
two  ways  of  viewing  the  transaction  :  J,  It  may  stand  as  an  investment,  being  debited  as  such  under  the  name  of  '•  Bryant 
&  Stratton,"  or  "Mercantile  Enterprise,"  or,  2,  it  maybe  considered  as  capital  withdrawn, and  be  charged  to  H.  B.  Bryant's 
Stock  account.  The  subsequent  withdrawals  being  recorded  in  the  same  manner,  H.  B.  Bryant's  account  will  be  closed  as 
soon  as  the  resources  are  all  withdrawn.  In  case  the  former  method  is  adopted,  the  business  would  be  kept  open  merely  to 
record  the  yearly  profits  on  the  new  investment. 

+  W.  H.  Crocker's  note,  which  we  hold,  is  worth  its  face,  less  the  interest  for  unexpired  time;  hence  we  pay  for  our 
acceptance,  111575,  and  for  interest  on  Crocker's  note,  $29.75. 


59 


n 


li 


,;,., 


i  '! 


I 


'•1. 


SET  IIL-COMMISSION 

COMMISSION 
AUXILIARIES. 

The  books  and  forms  here  given  will  explain  themselves  in  connection  with  the 


1872 


J.  R.  ^Vheele^  &  Co.'s 


Mar.  3 

500 

5000 

"   6 

500 

5000 

Per  y.  T.  and  E.  B.  R. 

To  Cash Paid  Trangptn  Ckarges  - 

Storage  &  Advkbtising      

Commission 2'^foan$moo  -  •  -  - 

J.  R  Wheeler  &  Co.  -     -    Net  Proceeds 

Jhie  by  Equation  Mar.  30. 


100 

25 

300 

425 

11575 

12000 

187^ 


/    /  ^     /J 


M.  B.  Scott's 


Mar.   5 


9 


800 


800 


2000 


2000 


500  P«r  Steamer  New  World. 

To  Cash Paid  Frdght  and  Iru. 

Storage  &  Advertising 

Commission  -    -    -    2%%  on $2890    -  - 
Cash NH  Proceeds  remitted 


500 


175 
40 
72 


25 


287 
2602 


2890 


25 

75 


C.  S.  Dole  &  Co.'s 


Mar.  12 

500 

1000 

3000 

**  27 

500 

1000 

3000 

Per  People*8  Line. 

To  Cash Paid  Freight  -    - 

Storage  &  Advertising 

Commission  -    -    -    On  tm50@  2)4% 


C.  S.  Dole  &  Co. 


Net  Proceeds 

Jhte  lyy  Equation  Mar.  29. 


300 
50 

318 


75 


668 
12081 


75 
25 


-mw 


~&r 


SALES  -  BOOK. 

SALES -BOOK. 

AUXILIARIES. 

transactions  which  they  record.     This  feature  will  be  more  fully  illustrated  in  future  sets. 


1872 


Consignment. 


Mar.  5 

500 

*   6 

500 

5000 

5000 

fc  ■ 

By  Bills  Receivable 


Cash 


Sold  W.  H.  Crocker  on  his 

« 

Note  @  60  days, 
@  19.00    -    -    -    - 
Sold  J.  C.  Bryant, 

®  11.50    .    •    .    - 


4500 


7500 


1872 


Consignment. 


Mar.  7 

800 

«  9 

2000 

800 

500 

2000 

500 

By  Ship'T  to  N.  H.,  Asmmed  and  Ship'd  Cobb  A  Co. 

@80^ 

Cash Soid  C.  ClagJvom, 

©  TB^ 

^  $1  50     >    -    •    • 


1500 
750 


1872  /  //   / /   //  Consignment. 


Mar.  18 
"  20 
"    25 


500 


GOO 


500 


500 


1000 


8000 


8000 


By  E.  R.  Felton 
Cash    -    -    - 


Cash 
Vntcid. 


Sold  him  ^  SO  days, 
@  $8.00     -    -    • 

Sold  Jno.  H.  Penn^ 

@  $9.00    -    •    - 

Sold  J.  H.  Goldsmith, 
^$8.50    •    •    • 


4000 
4500 
4250 


61 


120OO 


12000 


640 


2250 


2890 


12750 


12750 


r.\[,:i 


.'I 


!'■■  • 

if  ! 


11;.  I 


>:;i 


SET  IIL— FORMS. 

FORMS  OF  ACCOUNTS  OF  SALES. 

Account  Sales  of  U^ 'bLl'JvZ..,}  on  %  and  risk  of  J.  R.  Wheeler  &  Co. 


1880 
Mar. 


Mmr. 


Mar. 


6 


2 

6 


Sold  Wm.  H.  Crocker,  on  his  Note  @  sixty  days, 
500  brls.  Flour,  @  $9        

Sold  J.  C.  Bryant,  for  Cash, 

6000  bush.  Wheat,  @  $1.50 


4500.00 
7500.00 


Charges. 


Paid  Freight,  in  Cash  -  -  ■ 
Storage  and  Advertising  -  • 
Commission,  2}^^  on  $12000 


100.00 

25.00 

300.00 


J.  R.  W.  &  Co.'s  net  proceeds 

Due  by  Equation,  Marcli  30. 


E.  E. 

New  York,  March  C,  1S80, 


H.  B.  BRYANT, 

per  Packard. 


12000 


425 


11575 


M    B.   Scott— In  Account  Sales  with  H.  B.  Bryant 


5 
9 


To  Cash  paid  Freight  and  Ins.  - 

Storage  and  Advertising 

Commission  254  %  on  $2890 

M.  B.  Scott's  net  proceeds    - 

Remitted  herewith    -    - 

E.  E. 

N«w  York,  March  9, 1880. 


i75 

40 

72 

2602 


2890 


25 


iO 


1880 
Mar. 


By  800  bu^h.  Com,  @  80^      -    - 
Taken  to  our  account. 

By  Cash,  Sold  C.  Claghom, 
2000  bnPh.  Oats  @  75^     $1500 
eOO  bush.  Wheat  @  $1.50     750 


H.  B.  BRYANT, 

per  Packard. 


64C 


22b0 


2890 


<^alpq     nf     J    500  brls.  Extra  Superfine  Flour, )      ^  ^^     ofC      S.     Dols     &     Co. 

Ocllt;a     Ul      i  looo    do     Superfine  oo.,     i       '^'      ' 

By  H.  B.  BRYANT. 


13 
SO 
35 


12 
27 


E.  R.  Felton,  @  thirty  days 

Cash 

Cash 


Barrels 

Ex.  Sup 

Flour. 


500 


60a 


Charges: 


Barrels 

Super. 

Flour. 


509 


600 


1000 


Paid  Freight  in  Cash • 

Storage  and  Advertising ■ 

Commission  on  Sales,  2H  %  on  $12750      -    ■ 
Net  proceeds  to  Cr.  as  cash,  March  29 

E.  &  O.  E. 


^$8.00 
©  9.00 
®    8.50 


H.  B.  BRYANT, 

per  Packard. 


800 

50 

318 


75 


4000 
4500 
4250 


12750 


668 


12081 


75 

25 


62 


PRACTICAL  EXERCISES.— THIRD   SERIES. 


PRACTICAL    EXERCISES. 

[To  be  written  up  after  the  manner  of  Set  III.] 

Transactions.— Third   Series. 

This  business  is  a  continuation  of  that  rej  resented  in  Second  Series,  page  43,  and  starts  with  the 
resources  and  liabilities  as  indicated  in  the  Statement  on  page  43.     It  is  located  in  New  York. 

Jfa?\  /. — J.  C.  Bryant  has  paid  his  note  of  Feb.  6,  due  Feb.  19,  in  cash.     Face  of  note,   5j;2T4.75  ; 

interest  for  10  days,  at  6^  per  annum,  $0.40 Received  from  J.  C.  Bryant,  Buffalo,  to 

be  sold  on  his  account  and  risk,  200  brls.  Flour,  invoiced  at  $8 ;  10,000  lbs.  Canvassed  Hams, 
invoiced  at  11,'^;  paid  freight  on  same  in  cash,  $100. 

J.— Sold  A.  J.  Couch,  for  cash,  60  sacks  Coffee,  3900  lbs.,  @  20(^ Bought  of  L.  Siegel,  on 

our  note  at  3  months,  6  pipes  Wine,  720  gals.,  @  $3.50,  and  consigned  the  same  to  Rogers 
&  Co ,  Cleveland,  to  be  sold  on  our  %  and  risk  ;  paid  cash  for  insurance  on  same,  $50. 

6, — Sold  J.  T.  Young,  on  his  note  @  3  months,  COO  brls.  Flour  (Bryant's  Consignment),  @  ^"9 

Paid  Z.  Richards,  cash  in  full  of  % Bo't  of  F.  B.  Thurber,  on  %,  100  boxes  Sugar,  each 

500  lbs.,  @  5,<^ Shipped  George  Brown,  Albany,  for  our  %  and  risk,  the  above  Sugar, 

estimated  at  cost ;  paid  cash  for  drayage  and  insurance,  $25. 

6, — Paid  cash  for  stationery  and  incidentals,  $25.92 Sold  J.  Meyer  for  cash,  5009  lbs. 

Canvassed  Hams  (Bryant's  Consignment),  @  11/- Sold  Amos  Cummings,  10  brls.  Flour, 

@  $9  ;  received  in  part  payment,  cash  $50. 

8. — Sold  for  cash,  5000  lbs.  Canvassed  Hams  (Bryant's    Consignment),  Q  IVJ- Closed 

Bryant's  Consignment,  and  rendered  him  account  of  the  same ;  our  charge  for  storage  and 


advertising,  $25  ;  our  commission,  ^1%  on  $2925,  :^73.12  ;   Bryant's  net  proceeds,  $- 


9, 


due  by  equation. 

-Received  of  Clarence  King,  Chicago,  for  his  %  and  risk,  2000  bush.  Corn,  invoiced  at  80^  ; 

1000  bush.  Wheat,  at  $1.50 ;  paid  freight,  in  cash,  $150 Sold  A.  B.  Smith,  for  cash, 

from  King's  Consignment,  1000  bush.  Corn,  (h  85/- ;  1000  buph.  Wheat,  @  $1.70. 

/O, — Received  advice  from  Rogers  &  Co.,  Cleveland,  of  the  closing  out  of  our  consignment  of 
Mar.  3  ;  our  net  proceeds,  $3250 Received  from  W.  A.  Miller  his  sight  draft  for  $500 


on  M.  Halladay  &  Co.,  which  we  have  remitted  the ai  on  our 


rrL 


12. — Discounted  our  note  of  $2520,  favor  of  L.  Siegel,  due  JuneG;  discount,  86  days,  $36.12 
paid  net  amount  in  cash Compromised  with  A.  C.  Lobeck,  at  75%,  for  his  indebted- 
ness of  $212,  receiving  in  full  thereof  his  note  at  3  months  with  interest,  for  $159. 

76* — Received  cas'i  of  Amos  Cummings,  in  full  gI  "/c Received  advise  from  George  Brown, 

Albany,  of  the  destruction  by  fire  of  the  Sugar  consigned  him  on  the  5th;  the  net  returns 
from  insurance  are  $1950,  v/liich  our  agent  has  remitted  in  cash. 

20. — Paid  store  expenses  in  cash,  $138.20 J.  T.  Young  has  discounted  his  note  of  $1800,  due 

June  8.  paying  the  net  amount  m  cash  ;  discount  for  80  days,  $24. 

25. — Sold  C.  Claghorn,  400  bush.  Wheat  at  $1.55,  receiving  therefor  his  sight  draft  on  M.  Halladay 
&  Co.,  which  we  have  remitted  them  on  % . 


Inventoky.— 200  bush.  Wheat,  @  $1.50 
200  brls.  XXX  Flour,  @  $9 


300 
1800 

$2100 


63 


H     I 


Ii  . 


14;  I . 


» 

■     , 

1 

l\     i 

1 

Ml 

STATEMENT.— THIKD  SERIES. 


LEDGER    RESULTS. 


Dr. 


5969 
18870 
2238 
2520 
1120 
24 
2570 

2525 
164 


150 

8250 

63 


02 
39 
75 


12 


34449 


Cr. 


Stock     .     .     .     - 
Merchandise    - 
Cash       .     -     .     - 
Bills  Receivable 
Bills  Payable 
M.  Halladay  &  Co. 
Interest  *  -     -     - 
Ship't  to  Cleveland 
F.  B.  Thurber' 
Ship't  to  Albany 


28 


Expense      -  -  - 

J.  C.  Bryant  -  - 

Commission  -  - 

Charges      -  -  - 
King's  Consignment 

Rogers  &  Co.  -  - 

Loss  &  Gain  -  - 


6667 
1991 
8373 
2074 
8520 
1711 
36 
3250 
2500 
1950 

2726 
78 
25 

2550 


71 
20 

75 

01 

58 


88 
12 


84449 


28 


Net  Gain 


$120.76 


QUESTIONS    FOR    REVIEW. 

1.  In  what  respect  does  a  "Shipment**  account  differ  from  Merchandise ?— 5.  What  is  the  distinc- 
tion beween  a  Shipment  account  and  a  Consignment  account  as  treated  in  this  Set?— 5.  In  what  sense 
is  a  Consignment  account  personal  ?— 4.  I>o  jou  debit  a  Consignment  account  with  the  value  or  cost  of 
the  goods  it  represents  ?— 5.  How  would  such  an  entry  affect  the  business  ?—<>.  When  the  property 
represented  in  the  account  is  disposed  of,  why  do  you  cancel  the  account  ?— 7.  How  are  the  net  proceeds 
of  a  consignment  determined?—.?.  What  is  represented  by  "Storage  and  Advertising"  account?  — 
9.  What  by  Commission?— 70.  What  is  a  draft?— ii.  Why  do  you  debit  Ivison  &  Phinney  with  the 
face  of  their  draft?— i^.  How  does  H.  B.  Bryant's  private  account  differ  from  his  Stock  account?— 

15.  How  may  a  private  account  be  closed  ?— i^-  With  what  amounts  ought  notes  and  cash  to  be  debited 
and  credited  ?— i5.  If  they  are  worth  more  or  less  than  their  face,  how  may  the  difference  be  shown  ?— 

16.  What  is  a  correct  definition  of  Interest  from  the  accountant's  view?— 77.  How  will  a  loss  in  business 
affect  the  proprietor's  account  ?—i.S.  How  many  methods,  and  what  are  they,  of  showing  the  gain  or 
loos  in  business  ? 


64 


SET    IV. 


-c46K»>- 


Journal  Day -Book, 

Commission  Sales -Book,  Invoice -Book,  Forms  of  Notes, 

Drafts,  Letters,  Etc. 

LEDGER  CLOSED  WITHOUT  BALANCE  ACCOUNT)   ALSO,  BY  JOURNAL  ENTRIES. 


PARTNERSHIP  BUSINESS;    PROSPEROUS. 


65 


REMAKES   ON   SET   IV. 


I! 


:"l 


■1 


I 


\ 


REMARKS    ON    SET    IV. 

This  set  covers  a  number  of  new  features  to  which  attention  is  here  directed. 

First. — The  form  of  first  entry— cmnUning  Day-Book  and  Journal. — This  is,  in  fact, 
the  most  common  form  where  all  the  transactions  are  recorded  in  one  book.  The  only 
purpose  in  keeping  the  Day-Book  and  Journal  separate  up  to  this  point  has  been  to 
enforce  the  characteristics  of  each.  The  combination  is  not  only  well  as  a  matter  of 
economy,  but  proper  in  all  respects.  The  only  difficulty  which  the  student  will 
encounter  will  be  in  making  the  entry  plain  and  symmetrical,  and  this  will  prove  to 
him  a  most  excellent  practice. 

Second. — The  introduction  of  temporary  copartnerships.  —  This  species  of  copart- 
nership often  exists  between  the  consignor  and  consignee  in  reference  to  particular 
ventures.  It  may  be  as  to  a  single  consignment  or  as  to  a  series  of  consignments  of  a 
particular  kind  of  goods.  It  is  customary,  however,  to  treat  each  consignment  sepa- 
rately, and  to  divide  the  profits  or  losses  as  soon  as  the  sales  are  completed  and  the 
results  known.  The  only  difference  between  a  "merchandise  company"  adventure 
and  a  simple  consignment  is  that,  while  in  the  latter  there  exists  between  the  consignor 
and  consignee  the  simple  relations  of  principal  and  agent,  in  the  former  there  is  a 
mutual  interest  in  the  venture,  in  short,  a  copartnership.  Thus,  while  in  the  simple 
consignment,  the  consignee  is  an  employee  on  commission,  or  an  agent  looking  solely 
to  the  percentage  on  sales  for  his  compensation,  in  the  merchandise  company  he  is  not 
only  an  agent,  and  paid  as  such,  but  a  part-principal,  and  entitled  to  his  share  of  the 
profits.  This  fact  presents  the  only  difficulty  in  keeping  the  accounts;  and  in  order  to 
meet  this  difficulty,  as  also  to  make  it  the  means  of  general  instruction,  two  distinct 
methods  of  treatment  are  here  given. 

It  will  be  borne  in  mind  that  the  records  of  these  mixed  consignments  are  to  be 
kept  in  the  books  of  the  general  business  ;  or  rather  that  a_separate  set  of  books  cannot 
be  opened  with  each  as  a  business  of  itself.  Could  this  be  done,  there  would  be  no 
necessity  for  any  temporary  expedients.  As  it  is,  however,  the  books  of  a  consignor 
or  a  consignee  are  made  to  cover  all  varieties  of  ventures,  from  a  simple  consignment 
to  a  complicated  copartnership ;  and  hence,  the  theories  under  which  the  records  are 
made  are,  in  a  degree,  arbitrary  and  special — the  main  point  being  to  make  the  record 
complete  so  far  as  the  partnership  relations  are  concerned,  and  to  so  keep  the  special 
accounts  as  not  to  confuse  the  general  record  of  the  business.  Thus,  in  every  instance, 
so  soon  as  the  consignments  are  closed  out,  and  the  partnership  interests  adjusted,  the 
consignment  accounts  cease  to  exist. 

In  the  concurrent  records  of  the  merchandise  company  transactions,  two  slightly 
varying  theories  are  illustrated  or  enforced,  and  the  separate  methods  are  distinguished 
as  "First"  and  "Second."  The  theory  involving  the  First  Method  is  that  the  person 
having  possession  of  the  joint  property  should  be  held  responsible  for  it,  as  well  as  for 
its  avails  when  sold ;  and  hence,  when  the  consignor  sends  to  the  consignee  the  joint 
consignment,  he  charges  him  with  the  e7itire  cost,  the  same  as  m  case  of  iictual  sale. 
Recognizing  this  fiction,  the  consignee  correspondingly  credits  the  consignor,  and  debits 

66 


the  representative  account,  precisely  the  same  as  he  would  in  case  of  actual  purchase.* 
By  this  record  he  has  anticipated  so  much  of  the  sale  as  would  be  necessary  to  reimburse 
the  consignor,  leaving  the  final  adjustment  until  tlie  consignment  is  closed  out.  Should 
the  result  be  a  gai7i,  the  consignor  is  then  credited  with  his  share,  and  his  account 
will  show — in  the  two  credits— his  "net  proceeds."  Should  the  result  be  a  loss,  the 
consignor  is  debited  with  his  share,  and  the  balance  of  his  account  will  show  his  net 
proceeds. 

The  theory  which  underlies  the  Second  Method  attempts  to  recognize  the  legal 
responsibilities  of  the  case ;  thus,  when  the  joint  merchandise  is  sent  by  the  consignor' 
he  considers  his  02vn  share  as  a  personal  venture  and  charges  the  consignor  with  his 
(the  consignor's)  share,  the  same  as  he  would  if  sold  independently.  Adopting  this 
method,  the  consignee,  when  he  receives  the  joint  goods,  considers  himself  responsible 
for  his  own  share  only,  and  credits  the  consignor  accordingly.  When  the  goods  are 
sold,  and  the  consignee  has  the  avails  thereof,  he  credits  the  consignor  with  the  entire 
net  proceeds  of  his  share — be  it  more  or  less  than  the  cost  of  the  same ;  and  correspond- 
ingly the  consignor  upon  receiving  an  account  of  sales,  debits  the  consignee. 

These  different  "methods"  are  sufficiently  elaborated  in  the  transactions  which 
follow — the  First  Method  being  recognized  in.  the  business  of  April,  and  the  Second 
Method  in  that  of  May. 

The  student  may  be  troubled  to  dispose  of  Merchandise  Company  accounts  while  in  a 
current  condition,  as  they  do  not  clearly  belong  to  either  class,  but  have  the  elements  of 
both  classes.  This  is  one  of  the  reasons  for  getting  them  out  of  the  way  as  soon  as 
the  work  for  which  they  are  opened  is  accomplished.  If  a  statement  of  the  business 
is  required  when  there  are  pending  Merchandise  Company  accounts,  a  little  practical 
sense  will  serve  to  make  the  proper  estimates  and  discriminations. 

Third. — The  different  methods  of  closing  the  Ledger. — In  the  month  of  April,  the 
Ledger  is  closed  without  the  use  of  a  Balance  account,  by  bringing  down  the  resources 
and  liabilities  under  their  proper  accounts.  This  is  the  business  method;  and  if  each 
month  is  supposed  to  represent  a  year,  this  would  be  a  fair  example  of  the  manner  of 
closing  business  books  at  the  end  of  each  year,  forming  a  basis  of  resources  and  liabilities 
for  the  next  year's  accounts.  The  method  of  closing  the  Ledger  by  Journal  entries,  as 
exemplified  in  the  month  of  May,  is  usual  in  some  houses,  though  requiring  more 
labor,  and  possessing  no  advantage  over  the  method  heretofore  explained.  The  usual 
entry  in  bringing  down  resources  and  liabilities  is:  "Old  account.  Dr.  To  Xew  account," 
and  the  reverse.     The  "Balance"  account  is  precisely  the  same  as  "New  account." 

Fourth. — A  larger  variety  of  auxiliary  forms. — We  have  introduced  a  great  variety 
of  auxiliaries  that  the  student  may  become  familiar  with  forms.  We  shall  hereafter  use 
these  books  in  connection  with  the  Journal  to  contain  original  entries.  This  practice 
is  well  nigh  universal  in  the  larger  business  houses,  for  the  purpose  of  dividing  labor 
and  avoiding  unnecessary  writing.  Thus  one  clerk  keeps  the  Invoice-Book,  {mother 
the  Sales-Book,  another  the  Cash-Book,  etc.,  and  each  of  these  are  so  kept  as  to  post 
directly  from  them  to  the  Ledger,  instead  cf  passing  the  transactions  through  the 
Journal. 


*  The  presamptiou  in  all  these  cases  is  Uiat  the  consignor  fonuBhes  froiK  his  own  resources  the  property  shipped. 


67 


il 


114 


I 


3 
4 


5 
3 


2 
4 


SET  IV.— JOUENAL  DAY  BOOK. 

NEW  YORK,  AprU  1,  1872. 

Cash 

To  H.  B.  Bryant  .... 
Investment. 

East  River  Bank 

To  R  D.  Stratton     .    .    . 
Investment. 

tf 

Store  and  Fixtures  To  Sunds : 

Mortgage  Payable      .    .    . 

Interest 

Cash 

Bo't  of  H.  B.  Bryant  his  store  and  fixtures,  assuming  mort- 
gage and  interest  to  date,  and  paying  balance  in  cash. 

s 

Merchandise 

To  Hope  &  Co 

5  casks  Brandy,  300  gals., @  |2,  600 

200  bbls.  Mess  Pork, -  @    9,  1800 

30,000  lbs.  Bacon  Sides, ^^^,  1500 

Bo't  at  30  d's. 

ff  

Expense 

To  Cash 

Set  of  Books  for  Store. 

Mdse.  Co.  A.  To  Sunds : 

Logan,  Wilson  &  Co, .    .    . 
Cash 

800  kegs  Nails, @  $3,       2400 

20,000  lbs.  Lead, ®  ^f,        1400 

Freight  on  same, 100 

Rec'd  from  L,  W.  &  Co.,  Pittsburgh,  to  be  sold  on  our  joint 
%  and  risk,  each  i^. 

^  

Mdse.  Co.  B 

To  Niles  &  Kinne     .    .    . 

600  bbls.  Flour,  @,  |8,  received  from  N.  &  K.,  Buffalo,  to  be 
sold  on  our  joint  %  and  risk,  each  %. 

6 

Cash .    .    . 

ToMdse.  Co.  A    .    .    .    . 
400  kegs  Nails,  @  $3.50,  sold  Wm.  H.  Woodbury. 


10000 


10000 


12500 


3900 


75 


3900 


4000 


1400 


45775 


68 


10000 


10000 


9000 

84 

3416 


3900 


75 


3800 
100 


4000 


1400 


45775 


5 
4 


4 
5 
5 
4 
4 


SET  IV.— JOURNAL  DAY  BOOK. 

NEW  TOJRK,  AprU  6,  1872. 

Bills  Receivable 

ToMdse.  Co.  A 

20,000  lbs.  Lead, @  9f,         1800 

400  kegs  Nails, @  $3.75,     1500 

Sold  Robt.  Hayward  on  note  at  30  ds. 

Mdse.  Co.  A.  To  Sunds : 

Storage  and  Advertising    . 

Commission 

Logan,  Wilson  &  Co.      .    . 

Loss  and  Gain 

Closed  Sales  in  company  with  Logan,  Wilson  &  Co.,  and  ren- 
dered them  an  %  of  the  same.  Conmiission,  23^%  on  sales. 
(See  C.  S.  B.) 

Niles  &  Kinne  To  Sunds : 

Bills  Payable 

Cash 

Shipped  N.  &  K.,  Buffalo,  to  be  sold  on  our  joint  %,  each  3^. 

20  hhds.  Sugar,  24000  lbs., @  6f ,         1200 

100  bags  Coffee,  14,000  lbs., m  W,       1400 

100  boxes  Raisins, @  $3,  300 

Bo't  of  Acker,  Merrall  &  Co.,  on  our  note,  at  90  d's.  Paid  in- 
surance, }4%  on  $3000. 

8 

Charles  Stetson 

ToMdse.  Co.  B 

500  bbls.  Flour,  @,  $9,  sold  at  30  d's. 

ff   ■ _____ 

Mdse.  Co. B.  To  Sunds: 

Storage  and  Advertising    . 

Conmiission 

Niles  &  Kinne 

Loss  and  Gain 

Closed  Sales  in  company  with  Niles  &  Kinne,  and  rendered 
them  an  %  of  the  same.    Commission,  2%%.    (See  C.  S.  B.) 

g    

Sunds :  To  Merchandise    .... 

Cash 

Bills  Receivable 

30,000  lbs.  Bacon,  @,  6f,  sold  Austin  Packard,  receiving  his 

note  at  30  d's  for  $1000,  and  cash  for  Imlance. 

//  — 

Logan,  Wilson  &  Co 

To  Bills  Payable 

Accepted  their  draft  at  30  d's  sight,  favor  G.  K.  Chase  &  Co., 
in  full  of  %. 


3300 


800 


2915 


4500 


500 


800 
1000 


4136 


25 


3300 


10 
117 
336 
336 


50 
25 
25 


2900 
15 


4500 


20 
112 
183 
183 


50 

75 
75 


1800 


4136 


25 


69 


I«i 


i 


h" 


i. 


I"* 


■  J , 


k 


^ 


6 
6 
6 
2 


2 
3 


SET  IV.— JOURNAL  DAY  BOOK. 
NEW  YOBK,  April  9,  1872. 

Mdse.  Co.  C.  ToSunds: 

Pliny  Moore 

S.G.  Payn 

Cash 

1000  bbls.  Flour,  @  |8.50,  received  per  Merchants'  Line  from 
Pliny  Moore,  Troy,  to  be  sold  on  joint  %  of  himself,  S.  G. 
Payn,  Albany,  and  ourselves,  each  %y  as  per  contract.  Paid 
freight  in  cash.    (See  C.  S.  B.) 

12 

Steamer  Empire  Stock  To  Sunds : 

Cash 

Bills  Payable 

Bo't  of  Daniel  Drew  %  steamer  Empire,  for  half  cash  and  half 
note  at  90  ds. 
13 . 

Sunds:  To  Mdse.  Co.  C 

Bills  Receivable   ..- 

Cash 

1000  bbls.  Flour,  @  $10,  sold  W.  P.  Spencer,  Buffalo,  on  his 
note  at  40  ds.  and  cash. 

' \ ff . . 

Mdse.  Co.  C.  ToSunds: 

Storage  and  Advertising    . 

Commission 

Pliny  Moore 

S.  G.  Payn 

Loss  and  Gain  .  .  .  . 
Closed  sales  in  company  with  Moore  and  Payn,  and  rendered 
each  an  %  of  the  same,  charging  2%  %  com.  on  sales. 

15 

Cash 

To  Mdse 

6  casks  Brandy,  300  gals.,  @  |3,  sold  J.  W.  Lusk,  Cleveland. 

16\ " 

Mdse.  ToSunds: 

Cash 

Acker,  Merrall  &  Co.  .  . 
30  hhds.  Sugar,  30,000  lbs.,<^  6<^,  bo't  of  A.,  M.  &  Co.,  as  above. 

18 

Sunds:  To  Cash 

Expense .    .    . 

H.  D.  Stratton,  private 

Paid  derk  hire  to  15th ;  and  H.  D.  S.  on  %. 


70 


8700 


10000 


7000 
3000 


1300 


900 


1800 


50 
150 


32900 


5666 

2833 

200 


5000 
5000 


67 
33 


10000 


30 
250 
340 
340 
340 


900 


00 


800 
1000 


200 


32900 


00 


SET  IV.— JOURNAL  DAY  BOOK. 


NE  W  YORK,  AprU  20,  1872. 


5 
2 


Sunds:  To  Bills  Receivable  .    .    . 

Cash 

Interest 

Austin  Packard  has  discounted  his  note  in  our  favor,  due 
May  12tih. 


// 


Niles  &  Kinne 

*  To  Loss  and  Gain .... 

Received  of  N.  &  K,  an  account  sales  of  the  Mdse.  sent 
them  to  be  sold  on  joint  %  on  the  7th  inst.    Our  %  net  gain. 


as  above. 


22- 


Sunds: 

S.  G.  Payn   . 

Pliny  Moore 


To  Sunds : 


Mdse. 
Cash 


30  hhds.  Sugar,  30,000  lbs.,  @  ^%<^,  shipped  S.  G.  Payn,  Albany, 
to  be  sold  on  jomt  %  of  S.  G.  Payn,  Pliny  Moore  of  Troy,  and 
ourselves,  each  3^.    Paid  freight  in  cash. 


25- 


H.  B.  Bryant,  private 


To  East  River  Bank 


Check  No.  1.    (See  Ck.  B.) 


N 


Niles  &  Kinne 

To  East  River  Bank  .  .  . 
Paid  their  draft  on  us  favor  of  R.  Courter,  per  check  No.  2. 
(See  Ck.  B.) 

28 


Cash 


To  Store  and  Fixtures 


Received  rent  for  lofts  to  date. 

—  ^^  .__ 


Steamer  Empire 

To  Steamer  Empire  Stock  . 

For  our  share  of  earnings  of  last  trip,  as  per  statement 
received  this  day. 

^g 


Expense 

To  Cash  .    . 
Sundry  expenses  to  date,  as  per  Expense  Book. 


n 


J 


1000 


995 
4 


73 

27 


300 


300 


1333 


34 


1950 
50 


200 


200 


968 


75 


968 


75 


1500 


1500 


250 


250 


159 


6377 


75 


159 


6377 


75 


SET  IV.— JOURNAL  DAY  BOOK. 


SET  rV.— JOURNAL  DAY  BOOK. 


I 

■t 


\ 


i.>»' 


^ 


W  IT: 


'I 


XEW  TOBK,  AprU  28,  1872, 


Loss  and  Gain 


To  S.  G.  Payn 


For  ^;^  net  loss  on  shipment  of  Sugar  for  joint  %  of  Payn, 
Moore,  and  ourselves,  of  the  22d  inst.,  as  per  account  sales  this 
day  received. 

5^___ 


Cash 


115 


To  H.  B.  Bryant  . 
Additional  investment  made  this  day. 


May  1 


2688   90 


115 


Mdse.  Co.  D. 


ToSunds: 

Wm.K.  Sadler      .    .    .    . 

East  River  Bank  .... 
100  bbls.  ader  Vmegar,  @  $7 ;  50  bbls.  Linseed  Oil,  @  $40 ; 
40  h'f  kegs  White  Lead,  @  $3 ;  received  from  Wm.  K.  Sadler, 
Philadelphia,  to  be  sold  on  our  joint  %,  each  %,  Paid  freight 
per  check  No.  3.    (See  C.  S.  B.) 


1460 


2688 


90 


tp 


East  River  Bank  .    .    - 
Deposited.    (See  Ck.  B.) 


To  Cash 


2 


Sunds: 

R.  W.  Hoadley 

Ship't  in  Co.  1 


To  Sunds : 


Mdse. 
Cash 


200  bbls.  Mess  Pork,  @  $9,  shipped  R.  W.  Hoadley,  Philadel- 
phia, to  be  sold  on  joint  % ,  each  13.    Paid  drayage  in  cash. 


3 


Cash 


8500 


1410 
50 


909 
909 


To  Mdse.  Co.  D.    . 
100  bbls.  ader  Vinegar,  @  $7.50,  sold  J.  R.  Bigelow. 


8500 


750 


// 


.1 


Insurance 

To  Cash 

Effected  insurance  for  $5000  on  any  property  that  may  be  in 
our  warehouse. 


37 


1800 
18 


15369 


50 


40 


750 


37 


15369 


50 


40 


72 


8 
8 
2 


NEW  TOMK,  May  3,  1872, 

Hanna,  Beaser  &  Co 

ToMdse.  Co.  D 

50  bbls.  Linseed  Oil, @  $45,      |2250 

40  h'f  kegs  White  Lead, -    @      3,  120 

Sold  at  60  ds.,  and  shipped  to  them  at  Detroit,  per  order 

'/  — - 

Mdse.  Co.  D.  To  Sunds : 

Charges 

Commission 

Wm.K.  Sadler     .    .    .    . 

Loss  and  Gain  .... 
Closed  sales  in  company  with  Wm.  K.  Sadler,  and  rendered 
him  an  account  sales,  entering  as  charges  storage,  advertising, 
and  insurance.    Commission,  23^%  on  sales.    (See  C.  S.  B.) 

5 

Expense .    .    . 

To  East  River  Bank,  .  . 
Paid  adv.  bills  of  N.  Y.  Herald,  per  check  No.  4, 

G 

Mdse.  Co.  E.  ToSunds: 

F.  A.  Boyle  &  Co 

East  River  Bank  .... 
100  hhds.  Sugar,  @  $60,  received  of  F.  A.  Boyle  &  Co.,  New 
Orleans,  to  be  sold  on  joint  %  of  themselves,  Campbell  & 
Strong,  and  ourselves,  each  }{.  Paid  freight  per  check  No.  5. 
(See  C.  S.  B.) 

ff  

Mdse.  Co.  F.  ToSunds:   ...... 

H.  D.  Van  Syckel .    .    .    . 

East  River  Bank  .... 

500  bbls.  Pork,  @  $9  ;  250  bbls.,  50,000  lbs..  Lard,  @  5<^ ;  re- 
ceived of  H.  D.  Van  Syckel,  St.  Louis,  to  be  sold  on  our 
joint  %,  each  1^.    Paid  freight  per  check  No.  6.    (See  C.  S.  B.) 

8  L 

Sunds:  To  Mdse.  Co.  E 

Bills  Receivable 

Interest 

Cash 

100  hnds.  Sugar,  @  $75,  sold  Wm.  A.  HoUey,  Fort  Edward,  re- 
ceiving Erastus  Coming's  note  of  Jan.  1, 1872,  at  one  day,  with 
accumulated  interest,  and  balance  as  above.    . 


2370 


1660 


150 


2500 


4000 


5000 

123 

2376 


2370 


60 

78 

1471 

61 


y 


150 


2000 
500 


3500 

500 


7500 


47 
53 


18180 


18180 


73 


A 


\ 


SET  IV.— JOUKJ^AL  DAY  BOOK. 


NEW  YORK,  May  8,  1872, 


8 
8 
5 
8 
8 


Mdse.  Co.  E. 


ToSunds: 

Charges 

Commission 

F.  A.  Boyle 

Campbell  &  Strong    .    .    . 

Loss  and  Gain 

Closed  '*  Mdse.  Co.  E,"  and  rendered  account  sales  of  the  same 
to  F.  A.  Boyle  and  Campbell  &  Strong,  New  Orleans.  Charges 
include  storage,  advertising,  etc.  Commission,  2\%  on  sales. 
(See  C.  S.  B.) 


ff 


2 
5 


Cask 


To  Bills  Receivable 
Received  of  R.  Haywood  for  his  note  due  this  day. 


10. 


East  River  Bank 
Deposited. 


To  Cash 


12. 


Snnds :                                        To  East  River  Bank  .    .    . 
Mortgage  Payable 

Interest 

Paid,  per  check,  on  mortgage  favor  Wm.  B.  Astor,  including 
interest  on  same  to  date. 


13. 


Bills  Payable 

To  East  River  Bank  .    .    . 

Paid  our  acceptance,  favor  Logan,  Wilson  &  Co.,  due  this  day. 


ff 


Hope  &  Co. 

To  BiUs  Payable 
Accepted  their  draft  at  ten  days'  sight. 


u 


Cash 


To  Mdse.  Co.  F. 
500  bbls.  Pork,  @  $9.50,  sold  E.  A.  Charlton. 


n 


5000 


3300 


4000 


4500 

1571  50 


4136 


3900 


25 


50 

187 

2254 

2254 

254 


50 
IG 
17 
17 


3300 


4000 


4657 


50 


4750 


29743 


4136 


25 


3900 


75 


4750 


29743 


75 


8 
4 


SET  IV.— JOURNAL  DAY  BOOK. 
NEW  YORK,  May  15,  1872. 

Hanna,  Beaser  &  Co 

To  Loss  and  Gain  .  .  . 
Received  advice  from  them  of  an  error  in  an  account  sales  of 
last  year's  business,  in  which  we  were  credited  too  little  by 
the  above  amount. 

. — -^ 15. 

Sunds :  To  Hanna,  Beaser  &  Co.    . 

Casb 

Interest 

Sold  our  draft  on  them  at  30  days'  sight,  receiving  proceeds 
less  discount  and  exchange. 

— 17 

Cash 

ToMdse.  Co.  F 

250  bbls.  Lard,  50,000  lbs.,  @  4<,  sold  T.  W.  Woolson. 

// 

Sunds :  To  Sunds : 

Mdse.  Co.  F 

Loss  and  Gain 

Charges 

Commission 

H.  D.  Van  Syckel .    .    .    . 

aosed  "  Mdse.  Co.  F,"  and  rendered  H.  D.  Van   Syckel,  Ct. 
Louis,  an  account  sales  of  the  same.    (See  C.  S.  B.) 

ff . 

H.  D.  Van  Syckel 

To  Cash 

Remitted  in  full  of  ^t. 

^f ___ 

Cash 

To  Bills  Receivable  .  .  . 
Received  payment  in  full  for  W.  P.  Spencer's  note  of  the 
13th  April. 

23 : 

East  River  Bank 

To  Cash 

Deposited. 


8 


275 


275 


2645 


2600 
44 


05 
95 


2000 


2000 


2750 
484 


37 


50 

168 

3015 


75 
62 


6515 


62 


6515 


62 


7000 


7000 


10000 


31669 


99 


10000 


31669 


99 


75 


.\ 


SET  IV.— JOURNAL  DAY  BOOK. 
XEW  TOBK,  May  25, 1872. 

RW.  Hoadley 

To  Shipment  in  Co.  1 

Amount  of  our  net  proceeds  from  shipment  to  him  of  the 
2d  inst.j  as  per  account  sales  just  received. 

26 

Wm.K.  Sadler 

To  Bills  Payable  .    .    .    . 

Accepted  draft  at  30  days'  sight,  favor  B.  McGann,  for  amount 
due  him. 

27 

Bills  Payable 

To  Cash 

Paid  our  acceptance,  favor  of  Hope  &  Co.,  due  this  day. 

28 

Cash 

To  Charles  Stetson    .    .    . 
To  balance  ^. 

30 

Acker,  Meirall  &  Co "... 

To  Cash 

To  balance  %. 

__31 

H.B.  Bryant         - 

To  H.  B.  Bryant,  private    . 

For  amount  charged  to  H.  B.  B.'s  private  %,  now  carried  to 
his  capital  'Jc. 

___^_ "  — 

H.  D.  Stratton 

To  H.  D.  Stratton,  private . 

For  amount  charged  to  private  %,  now  carried  to  capital  %. 

/f 

Interest .    .    . 

To  H.  B.  Bryant  .    .    .    . 
Allowed  7%  on  his  additional  investment  of  April  30. 

-—        -  ^ 


800 


2881 


3900 


4500 


1000 


200 


150 


15 


13446 


800 


2881 


3900 


4500 


1000 


200 


150 


68 


68 


15 


13446 


68 


68 


SET  IV.—JOXJRNAL  DAY  BOOK 


NEW  YORK,  May  31,  1872. 


10 


CLOSING    ENTRIES.- 


Balance 

Valuation  of  property. 


To  Store  and  Fixtures  . 


// 


Store  and  Fixtures 

To  Loss  and  Gain 
For  increase  in  value  of  property. 


ff 


Mortgage  Payable 


To  Balance 


Amount  due  on  mortgage. 


rp 


Balance 


To  Cash 


Amount  on  hand. 


^r 


Balance  ■ 

i 

Balance  on  deposit. 


To  East  River  Bank 


// 


Interest 

To  Balance 
Amount  due  from  us  to  date  on  mortgage. 


^/ 


Balance 

To  Interest  . 
Amount  due  us  to  date  on  E.  Coming's  note. 


// 


15000 


15000 


Loss  and  Gain 


To  Interest 


Cost  over  proceeds  of  interest. 


..  ff 


Loss  and  Gain 


Balance  of  expense  account. 


To  Expense 


2500 


2500 


4500 


4500 


4575 


09 


4575 


09 


21337 


50 


21337 


60 


18 


37 


18  37 


146 


82 


146 


82 


213 


15 


213 


15 


150 


48440 


93 


150 


48440 


93 


77 


i 


«   ) 


I 


II 


I" 


I 


a 


s 


SET  IV.— JOURNAL  DAY  BOOK. 

KEW  YORK,  May  31,  1872. 

Balance 

To  Bills  Receivable   .    .    . 

Note  on  hand  (E.  Coming's). 

/f     . 

Commission 

To  Loss  and  Gain      .    .    . 
Gain  on  commission. 

- — ■ — — — //    —- _ — _ — . 

Bills  Payable 

To  Balance 

Our  outstanding  notes. 

~rr     

Pliny  Moore 

To  Balance 

Amount  due  him. 

-// 

aO.  Payn 

To  Balance 

Amount  due  him, 
//    

Balance 

To  Steamer  Empire  Stock  . 
Valuation  of  our  interest  in  Steamer  Empire. 

__ —  ff _ 

Balance 

To  Steamer  Empire  .    .    . 
Amount  due  ua. 

fp    

Balance 

To  R.  W.  Hoadley     .    .    . 
Balance  due  us. 

Loss  and  Gain 

To  Shipment  in  Co.  1    . 
Our  loss  on  shipment. 


5000 


10781 


434 


25 


5340 


31 


1954 


99 


10000 


250 


1709 


1X)9 


10781 


35578    35    35578 


5000 


434 


25 


5340 


1954 


)1 


39 


10000 


250 


1709 


109 


25 


SET  IV.— JOURNAL  DAY  BOOK. 


J^Ef^^  YORK,  May  31,  1872. 


18 


4 

7 


Loss  and  Gain 


To  Insurance 


Cost  of  insurance. 


rp 


8 


Charges 

To  Loss  and  Gain 
Gain  on  storage,  advertising,  etc. 


ft 


F.  A.  Boyle  &  Co. 

Amount  due  them. 


To  Balance 


r  r 


Campbell  &  Strong   . 
Amount  due  them. 


To  Balance 


// 


Loss  and  Gain 


I. 


ToSunds:  .  .  . 
H.  B.  Bryant  . 
H.  D.  Stratton 


For  net  gain  due  each  partner. 


ff 


H.  B.  Bryant 


To  Balance 


For  amount  of  hia  net  capital. 


ft 


H.  D.  Stratton 


To  Balance 


For  amount  of  his  net  capital. 


79 


37 


50 


150 


37  50 


4254 


16 


2254 


150 


4254 


1 


6 


17 


2680  to 


2254  17 


L5785 


U 


L3130  )7 


1340  20 
1340  \tO 


15785  14 


13130 


)7 


18291  )4  ;J8291  !)4 


SET  IV.— LEDGEE. 


SET  IV.— LEDGER 


'I 


i*k 


% 


^r. 


H.  B.  Bryant. 


Cr. 


1873 
April 

31 

31 
« 

To  Balance,  down    -    - 

To  H.  B.  B.,  private     - 
Balance      -    -    -    - 

9 
12 

11,629 

S6 
26 

14 
14 

1873 
April 

<« 

1 

30 
« 

1 

31 
« 

By  Cash 

"         .    .    -    -    - 

Loss  and  Qaiu    -    - 

By  Balance,  bro't  down 
Interest     -    -    -    - 
Loss  and  Gain    -    - 

1 

5 

l4 

9 
12 

10000 

•2688 

1940 

14629 

90 
36 

14629 

26 

May 

M 

200 
15785 

May 
« 

« 

14629 

15 

1340 

26 
68 
20 

15985 

15985 

14 

Dr. 


H.  D.  Stratton. 


1872 
April 


May 


30 


31 


To  Balance,  down 


To  H.  D.  S.,  private 
Balance      -    -    - 


llDJiO 


11940 


9 
12 


37 


37 


150 
18130 


13280 


57 


1872 
April 


57 


May 


1 
30 


1 
31 


[. 

Cr. 

By  East  River  Bank    - 
Loss  and  Gain    -    - 

1 

l4 
12 

10000 
1940 

37 

11940 

87 

By  Balance,  bro't  down 
Loss  and  Gain    -    - 

11940 
1340 

j 

i 

37 
30 

13280 

57 

l>r. 


Store  and  Fixtures. 


Cr. 


1872 
April 

M 


May      1 
«       31 


3 
30 


To  Sundries    -    - 
ZiOita  and  Gain 


To  Balance,  bro't  down 
Loss  and  G^n    -    • 


S>r. 


By  Cash   -  -  - 
Balance,  (fmrn 


6 


By  Balance 


11 


1500 

12500 


14000 


15000 


150QQ 


Mortgage  Payable. 


Cr. 


1872 
May 

M 


12 
81 


To  East  River  Bank 
Balance     .    •    « 


7 
10 


4500 
4500 


9000 


1872 
April 


3 


By  Store  Fixtures  - 


9000 


9000 


80 


!Z>r. 


Cash 


Cr. 


1872 

April 


May 


n 
« 

€( 
(( 


To  H.  B.  Bryant  -  - 
Mdse.  Co.  A.  -  - 
Mdse.  -  -  .  . 
Mdse.  Co.  C.  -  - 
Mdse.  -  -  -  - 
Bills  Receivable 
Store  and  Fixtures 
H.  B.  Bryant  -    - 


To  Balance,  bro't  down 
Mdse.  Co.  D.  -  -  - 
Mdse.  Co.  E.  -  -  - 
Bills  Receivable 
Mdse.  Co.  F.  -  -  - 
Hanna,  Beaser  &  Co. 
Mdse.  Co.  F.  -  -  - 
Bills  Receivable 
Chas.  Stetson     -    - 


By  Store  and  Fixtures 
Expense  -  .  .  . 
Mdse.  Co.  A.  - 
Niles  &  Kinne  -  - 
Mdse.  Co.  C.  -  -  - 
Stmr.  Empire  Stock 

Mdse. 

Sundries    -    -    -    - 

Expense    -    -    - 
Balance,  doitn   •    • 


By  East  River  Bank  ■ 

Sundries    -    -    -  . 

Insurance  -    .    .  . 

East  River  Bank  - 

H.D.VanSyckel  - 

East  River  Bank  - 

Bills  Payable     -  - 
Acker,  MerraU  &  Co. 

Balance     ■    .    .  . 


5 
5 

5 
7 
8 
8 
9 
9 
10 


341( 

75 
10( 

15 

20( 

500( 

80( 

20( 

5( 

15J 

11269 


21284 


6S^ 
63 


850( 

U 

3 

400( 

6515 

1000( 

390( 

100( 

457i 


3854C 


50 
62 

09 
21 


!^r. 


East  River  Bank. 


Cr. 


1872 
April    i 


May 


To  H.  D.  Stratton 


iJ 


To  Balance,  bro't  down 
Cash 

« 


lOOOC 


lOOOC 


8831 

850( 

400( 

lOOOC 


31331 


25 


1872 
Apri 


25 


May 


u 
u 

<( 


25    By  H.  B.  Bryant  - 
25  Niles  &  Kinne 

30        Balance,  down 


1^ 
1 

8j 


By  Mdse.  Co.  D. 
Expense  -  - 
Mdse.  Co.  E.  ■ 
Mdse.  Co.  F.  - 
Sundries  -  - 
Bills  Payabh; 
Balance     -    - 


5 
6 
6 

7 
7 
7 
10 


joq 


2( 
968  75 


8SS1 


ts 


lOOOO   00 


5C 

150 

50( 

50( 

4651    50 


413G 


2133'Jt  ^ 
25 


81331 


25 


81 


H 


\i 


't 
[1  > 


■L 


I 

L 


^r. 


SET  IV.— LEDGER 


Interest 


Cr. 


1872 
April 

8 
12 

5 
31 

May 

M  • 

M 

** 

To  Bills  Receivable 
Loss  and  Oatn    - 


:\A 


u 


To  Mdse.  Co.  E.  -  - 
East  River  Bank 
Hanna,  B.  &  Co.  - 
H  B.Bryant-  - 
Balance     -    -    - 


!Dr. 


1872 
April 


May 


3 
18 
29 


To  East  River  Bank 


Dr. 


1872 

April 

6 

(( 

20 

M 

25 

To  Sundries  -  -  - 
]  OSS  and  Gain  - 
Last  River  Bank 


Dr. 


1872 
April 

M 

m 

3 
1 

May 

To  Sundries    -    - 
«         _    _ 

Loss  and  Gain 


7 
7 
8 
9 
10 


4 

79 


84 


27 


123 

157 

44 

15 

18 


359 


47 
50 
95 
68 
37 


97 


1872 
April 


May 


31 


By  Store  and  Fixtures 


By  Balance      -    - 
Loss  and  Gain 


10 
10 


84 


84 


146 
213 


350 


82 
15 


M 


Expense. 


Cr. 


To  Cash 

« 

« 


1 
3 
4 


9 


75 

50 
159 


284 


150 


1872 

April  30     By  Lo»8  and  Gain 


May 


31 


By  Loss  and  Gain 


14 


10 


284 


284 


150 


Niles  &  Kinne. 


Cr. 


2 
4 
4 


2915 
300 
968 


4183 


75 


75 


1872 
April 


4 

8 


By  Mdse.  Co.  B.  - 


1 
3 


4000 
183 


75 


4188  75 


Merchandise. 


Cr. 


To  Balance,  bro't  down 


1 


3900 

1800 
750 


6450 


1800 


1872 
April 


tt 

u 
tt 


May 


9 
15 


By  Sundries 
Cash  -    - 


Sundries -- 
JBaTance,  down    - 


By  Sundries 


2 
3 
4 


1800 
900 

1950 

1800 


6450 


1800 


82 


Dr. 


SET  IV.— LEDGER 


Loss  and  Gain. 


Cr. 


1872 

1872 

April 

30 

To  S.  G.  Payn     -    -    - 

5 

115 

April 

6 

By  Mdse.  Co.  A.  -    -    - 

2 

336 

25 

(( 

tt 

Expense    -    -    .    . 

l8 

284 

tt 

8 

Mdse.  Co.  B.  -    .    - 

2 

183 

75 

tt 

ft 

ff.B  Bryant-    -    - 

Ll 

1940 

S6 

*t 

13 

Mdse.  Co.  C.  -    -    . 

3 

840 

m 

tt 

H.  D.  Stratton   -    - 

l2 

1940 

37 

tt 

tt 

20 
30 

Niles  &  Kinne    -    - 
Store  and  Fixtures 

A 

300 
1500 

tt 

ft 

Interest     -    .    .    . 

T.S 

79 

73 

tt 

tt 

Mdse. 

T.S 

750 

tt 

tt 

Storage  and  Adver. 

l5 

60 

tt 

tt 

Commission  -    -    - 

l5 

480 

173 

tt 

ft 

Stmr.  Empire  Stock 

l6 

250 
4279 

4279 

73 

May 

17 

To  Mdse.  Co.  P.  -    -    - 

8 

484 

37 

May 

3 

By  Mdse.  Co.  D.  -    -    - 

6 

61 

« 

31 

Interest     -    .    -    . 

10 

213 

15 

tt 

8 

Mdse.  Co.  E.  -    -    - 

7; 

!      254 

17 

tt 

t* 

Expense    -    -    -    - 

10 

150 

u 

15 

Hanna,  Beaser  &  Co. 

8 

275 

tt 

tt 

Shipment  in  Co.  1  - 

11 

109 

tt 

31 

Store  and  Fixtures 

10 

2500 

tt 

ft 

Insurance  -    -    -    - 

12 

37 

50 

tt 

(( 

Commission   -    -    - 

11 

434 

25 

tt 

tt 

Sundries    .... 

12 

2680 

40 
42 

tt 

tt 

Charges     -    -    -    . 

12 

150 
3674 

3674 

42 

Dr. 


Hope  &  Co. 


Cr. 


1872 
May 


13 


To  Billfi  Payable 


3900 


1872 
April 


By  Mdse. 


3900 


Dr. 


Mdse.  Co.  A. 


Cr. 


1872 

April 

4 

tt 

6 

To  Sundries 


2 
2 

3900 
800 

1872 

April 
tt 

5 
6 

4700 

By  Cash      -    .    -    - 
Bills  Receivable 


1 

2 

1400 
3300 

4700 

Dr.                    Logan,  \Vilson  &  Co. 

Cr. 

1872 
April 

9 

To  Bills  Payable     •    . 

2 

4136 

25 

1859 

April 
tt 

4 
6 

By  Mdse.  Co.  A.      -    - 
tt       ««*___ 

1 
2 

3800 
336 

25 

J- 

4136 

25 

4136 

25 

83 


P'r 


iC 


I 


^r. 


SET  IV.— LEDGER. 


Mdse.  Co.  B. 


18721 
April    4 

8 


To  Niles  &  Kinne 
Sundries    -    - 


400( 
__5Qf 

_J5Q( 


72J 
)ril 


1872 
April    8 


By  Chas.  Stetson 


Dr. 


Bills  Receivable. 


1872] 


Ap 


M 


May 


6   To  Mdse.  Co.  A.  - 

Mdse.     -    - 
13  Mdse.  Co.  C 


1872] 


To  Balance,  bro't  down 
Mdse.  Co.  E.  -    - 


^'^I'Atdohn 


By  Cash      - 
Balance 


Dr. 


Storage  and^Advertising. 


Apn?  30 


To  Loss  and  Gain 


j 

1872 
April 

l4 

60 

i 

M 

t 

t* 

u 

60 

By  Mdse.  Co.  A.  - 
Mdse.  Co.  B.  - 
Mdse.  Co.  C.  - 


Dr, 


Commission. 


Apn?  30    To  Loss  and  Gain 


By  Mdse.  Co.  A, 
Mdse.  Co.  B. 
Mdee,  Co.  C. 


g  By  Mdse.  Co.  D. 
Mdse.  Co.  E. 
Mdse.  Co.  F. 


Dr. 


Bills  Payable. 


a1?i?? 


30 


May 


It 


81 


To  Balance,  doicn 


To  East  River  Bank 
Cash  -  -  -  - 
Balance     -    -    - 


12036 


11 
14 
11 


25 


:l2D3fl_2S 


4136  251 
39O0 
■10781 


1872 
Apr 


i 


Cr. 


450( 


J£[QC 


Cr. 


101 


_  1130C 


33( 
7( 


« 

t€ 


18817-^ 


May 


It 

u 


IS 


By  Niles  &  Kinne    - 
Logan,  Wilson  &  Co 
Stmr.  Empire  Stock 


1  By  Balance,  bro't  down 
1^  Hope  &  Co  -  -  - 
26         Wm.  K.  Sadler  -    - 


84 


Dr. 


SET  IV.— LEDGER. 


Charles  Stetson. 


6 


Cr. 


April 


8     To  Mdse.  Co.  B.  - 


4500 


187^ 

May    fi8   py  Cash 


9 


4500 


Dr. 


Mdse.  Co.  C. 


Cr. 


vm 

April 
tt 

to 

13 

To  Sundries    -    -    -    - 
t( 

3 
8 

8700 
1300 

1872 

April 

13 

By  Sundries    -    -    -    - 

i 
3 

lOOOO 

— ~K 

lOOOO 

lOOOO 

Dr. 


Pliny  Moore. 


Cr. 


1872 
April 

u 

22 
30 

31 

To  Sundries    -    -    -    - 

Balance,  down    -    - 

To  Balance     -    -    -    - 

4 
11 

666 

5340 
"6006 

B6l 

01 

01 

1872^ 

April 
tt 

10 
14 

1 

By  Mdse.  Co.  C.  -    -    - 
(t       "*♦.._ 

By  Balance,  bro't  down 

3 
3 

5666 
340 

6006 

8?- 

May 

5340 

May 

5340 

)1 

Dr. 


S.  G.  Payn. 


Cr. 


1872" 
April  p2 

30 


May    31 


To  Sundries    -    - 
Balance,  daicn 


To  Balance 


11 


i     ~i  ;il872 
1333  I34      AprU 

1954  \  99  I     « 
3288  oo 


1954  m 


l_Ji 


II 


10 
14 
30 


May 


By  Mdse.  Co.  C.  - 
«        «    tt 

Loss  and  Gain 


By  Balance,  bro't  down 


2833 
340 
115 


53 


3288   oS^ 


1954   99 


Dr. 


Steamer  Empire  Stock. 


Cr. 


1872 
April 

M 

12 
30 

31 

To  Sundries    -    -    -    - 

Losa  and  Gain   -    - 

To  Balance,  bro't  down 

3 

4 

10000 

250 
10250^ 

"1872 
April 
tt 



28 
30 

31 

By  Steamer  Empire     - 
Balance,  down    -    - 

By  Balance     -    -    -    - 

5 
11 

1    250 
10000 

1US50U 

May 

10000 

;May 

10000 

Dr. 


Acker,  Merrall  &  Co. 


Cr. 


1872^ 
May 


30 


To  Cash 


9 


1000 


April 


16 


By  Mdse. 


1000 


Dr. 


FI.  D.  Stratton— Private. 


Cr. 


1872^ — 
April   18 


To  Cash 


8 


150 


1872- 
May 


31 


^S^ 


By  H.  D.  S.,  Stock 


9 

150 

I 


I 


4 


I 


!Dr. 


SET  IV.— LEDGER. 


H.  B.  Bryant— Private. 


Cr. 


1872 
April 


25  i  To  East  River  Bank 


200 


1872 
May 


31 


By  H.  B.  B.,  Capital  %. 


9 


200 


l>r. 


Steamer  Empire 


1872 
April 


28  !  To  Stmr.  Empire  Stock    _4^ 


!Z>r. 


Mdse.  Co.  D. 


Cr. 


1872 

May 

1 

M 

4 

To  Sundries 


5 
6 


1460 

.ifisa 


_3i2a 


1872 
May 


M 


3 
4 


By  Cash-    -    -    - 
Hanna,  B.  &  Co. 


Dr. 


^/Vm.  K.  Sadler. 


Cr. 


1872 
May 


1 


26 


To  Bills  Payable 


9 


2881 


2881 


1872 
May 


1 
4 


By  Mdse.  Co.  D.  - 


«        «    ft 


5 
6 


1410 
1421 


.^81 


Dr. 


R.  W.  Hoadley. 


1872 
May 


2   !  To  Sundries    -    -    - 
25         Shipment  in  Co.  1 


5 
9 


909 
800 

1709 


1872 
May 


31 


By  Balance 


Dr. 


Shipment  in  Co.  1. 


Cr. 


1872 
May 


2     To  Sundries 


909 


_909 


1872 
May 


€* 


25 
31 


By  R.  W.  Hoadley  - 
Loss  and  Gain    - 


Dr. 


Insurance. 


Cr. 


1872 
May 


» 


To  Cash 5 


By  Loss  and  Gain    - 


12 


37 


50 


Dr. 


Hanna,  Beaser  &  Co. 


1872 

May 

4 

« 

15 

To  Mdse.  Co.  D.  - 
Loss  and  Gain 


6 

8 

2370 
1    275 

^2645- 

1872 
!  May 

15 

1 

By  Sundries 


86 


Dr. 


SET  IV.— LEDGER. 


Charges. 


8 


Cr. 


1872 
May 


31 


To  Loss  and  Gain 


Dr. 


1872 
May 


6 

8 


To  Sundries 
tt 


Dr. 


1872 


31    To  Balance 


Dr. 


1872 
May 


*t 


7    To  Sundries 
18 


12 

150 

1872 

May 

ft 

ft 

4 

8 
18 

By  Mdse.  Co.  D.  -    -    - 
Mdse.  Co.  E.  -    -    - 
Mdse.  Co.  F.  -    -    - 

6 

7 
8 

50 
50 
50 

150 

15U 

Mdse.  Co.  E. 


6 

7 

2500 
5000 

~?600 

1872 
May 

8 

By  Sundries 


F.  A.  Boyle  &  Co. 


12 

4254 

16 

1872 

May 
ft 

6 

8 

4254 

By  Mdse.  Co.  E. 

M  ft         ft 


Mdse.  Co.  F. 


7 
8 

4000 
2750 

6750 

__^^ 

1872 

May 
If 

14 
18 

By  Cash 


Cr. 


7 

7500 

7500 

i 

Cr. 


6 

7 


2000 
2264   16 


Cr. 


7 
8 


4750 
2000 

~m&y 


D/ 

■ 
• 

H. 

D.  Van  Syekel. 

Cr. 

1872 
May 

17 

To  Cash      -    - 

-     -     - 

8 

6515 

62 
62 

1872 

May 
tf 

7 
18 

By  Mdse.  Co.  F.  -    -    - 
ft       *'".__ 

7 
8 

1 

3500 
3015 

62 

6515 

j  6515 

62 

1 

— 1 

Dr 

• 

Campbell  &  Strong. 

Cr. 

1872 
May    31 

1 

To  Balance     - 

-  -  _ 

12 

1 
2254 

17 

1872 
May 

8 

By  Mdse.  Co.  E.  -    -    - 

7       2254 

1 

17 

Dr. 

Balance. 

Cr. 

1872 

11873 

May 

31 

To  Store  and  Fixtures  - 

10 

15000 

1  May 

31 

By  Mortgage  Payable  - 

10 

4500 

« 

11 

Cash 

10 ! 

I   4575 

09 

1     (( 

It 

Interest  Payable     - 

10 

18 

37 

If 

II 

East  River  Bank     - 

10  1 

121337 

50 

« 

It 

Bills  Payable      -    - 

111 

10781 

It 

II 

Interest  Receivable 

10 

j     146 

82 

It 

tt 

Pliny  Moore  -    -    - 

111 

5340 

01 

II 

u 

Bills  Receivable  -    - 

11 

5000 

It 

It 

S.  G.  Payn     -    -    - 

11 1 

1954 

99 

It 

tt 

Stmr.  Empire  Stock 

11 

10000 

II 

II 

F.  A.  Boyle  &  Co.   - 

12  1 

4254 

IG 

It 

tt 

Stmr.  Empire     -    - 

11 

250 

It 

ft 

Campbell  &  Strong 

12 

2254 

17 

tt 

tt 

R.W.  Hoadley  -    - 

11 

1709 

It 

ft 

H.  B.  Bryant  -    -    - 

12  1 

15785 

14 

• 

41 

II 

II 

H.  D.  Stratton    -    - 

121 

13130 

57 

58018 

58018 

41 

■ 

87 


^r. 


Balances. 


11000 

11269  63 
8831  25 


284 
1050 


10300 


4500 


9750 

150 
200 
250 


57584 


88 


Footings. 


12500 

21284 

10000 

4 

284 

5700 

115 

11300 


63 
27 


4500 

666 

1333 

10000 

150 
200 
250 


78287 


66 
34 


90 


SET  IV.— TEIAL  BALANCE. 


Trial  Balance— April. 


.  -  -  H.  B.  Bryant  (Capital)      - 

-  -  -  H.  D.  Stratton  (Capital)    - 

-  -  -  Store  and  Fixtures  -    -    - 

-  -  -  Mortgage  Payable   -    -    - 

-  -  -    Cash 

-  -  -  East  River  Bank     -    -    - 

-  -  -    Interest 

-  -  -    Expense 

-  -  -    Merchandise 

-  -  -  Loss  and  Gain     -    -    -    - 

-  -  -    Hope  &  Co. 

.  -  -  Bills  Receivable  -    -    -    - 

-  -  -  Stoiage  and  Advertising  - 

-  -  -    Commission 

-  -  -    Bills  Payable 

-  -  -  Charles  Stetson  -    -    -    - 

-  -  -    Pliny  Moore 

-  .  -    S.  G.  Payn 

-  -  -  Steamer  Empire  Stock     - 

-  -  -  Acker,  Merrall  &  Co.    -    - 

-  -  -  H.  D.  Stratton  (private)   - 

-  -  -  H.  B.  Bryant  (private)  -    - 
.  -  -  Steamer  Empire  -    -    -    - 


Cr. 


Footings. 


12688 

10000 

1500 

0000 

10015 

1168 

84 

4650 

1160 

8900 

1000 

60 

480 

12036 

6006 

3288 

250 

1000 


90 


75 


25 

67 
33 


78287 


90 


Balances. 


12688  |90 
10000 


9000 


79 


1045 
3900 

60 

480 

12086 

5340 
1954 

1000 


73 


25 

01 
99 


57584 


88 


^r. 


Balances. 


12500 

4575 

21337 

341 

150 

5000 


250 

1709 

109 

37 


10000 


09 
50 
60 


50 


56009  69 


Footings. 


200 
150 

12500 
4500 

88546 

31331 
341 
150 
484 

15300 

8036 

250 

1709 

909 

87 


10000 


124445 


21 
25 

60 

37 


25 


60 


18 


SET  IV.— TEIAL  BALANCE. 


Trial  Balance — May. 


-  -  H.  B.Bryant    -    -    -    - 

-  -  H.  D.  Stratton     -    -    - 

-  -  Store  and  Fixtures  -    - 

-  -  Mortgage  Payable   -    - 

-  -  Cash 

-  -  East  River  Bank  -    -    ■ 

-  -  Interest 

-  -  Expense 

-  -  Loss  and  Gain     -    -    - 

-  -  Bills  Receivable  -    -    - 

-  -  Commission     -.  -    -    - 

-  -  BUls  Payable  -    -    -    - 

-  -  Pliny  Moore    -    .    -    - 

-  -  Steamer  Empire  -    -    - 

-  -  R.  W.  Hoadley    -    -    - 

-  -  Shipment  in  Co.  1    -    - 

-  -  Insurance 

-  -  Charges  ------ 

•  -  F.  A.  Boyle  &  Co.     -    - 

-  -  Campbell  &  Strong  -    - 

-  -  S.  G.  Payn 

-  -  Steamer  Empire  Stock 


Cr. 


Footings. 


14644 
11940 

9000 

33971 

9993 


590 

10800 

434 

18817 

5340 


800 

150 
4254 
2254 
1954 


124445 


18 


Balances. 


94 

14444 

87 

11790 

4500 

12 

75 

17 

105 

25 

434 

25  i 

10781 

01 

5340 

150 

16 

4254 

17 

2254 

99 

1954 

i 

94 
37 


80 
25 
01 


16 
17 
99 


56009  169 


INVENTORY. 

Property  Unsold  April  30. 


Store  and  Fixtures,  valued  at  cost 

Mdse.  on  hand 

Steamer  Empire  Stock,  at  cost     - 


k 


88 


INVENTORY. 
Resources  and  Liabilities  not  sho\vn  in  Ledger  Accounts. 


Store  and  Fixtures,  valued  at 

Steamer  Empire  Stock 

Interest  due  us  on  Notes $146.82 

Less,  interest  due  from  us 18.37 

89 


45 


SEl'  IV.— BALANCE  SHEETS. 


BALANCE    SHEETS. 

The  purpose  of  a  Balance  Sheet  is  to  present  in  a  tabulated  and  convenient  fonn 
the  condition  of  the  business.  The  main  facts  for  such  a  statement  are  gathered  from 
the  Ledger  accounts,  which,  in  fact,  form  its  basis.  There  are  various  forms  of  Balance 
Sheets,  or  statements,  used  in  business,  the  arrangement  and  extent  of  detail  being 
dependent  upon  the  kind  of  information  desired  to  be  conveyed.  The  form  exhibited  on 
the  two  pages  which  follow  has  the  merit  of  condensation,  while,  at  the  same  time,  the 
main  facts  of  the  progress  and  condition  of  the  business  are  distinctly  presented.  The 
only  objection  to  this  form  as  a  complete  exhibit  is  that  where  there  are  many  personal 
accounts  it  is  not  feasible  to  present  tbem  individually.  This  objection  may  be  met  by 
condensing  the  debtor  accounts  into  one  item  under  the  title  of  "  Accounts  Keceivable," 
and  the  creditor  accounts  into  anotlier  under  the  title  of  "Accounts  Payable  '*;  and  if  a 
more  minute  schedule  is  desired  it  can  be  prepared  on  a  separate  sheet. 

The  following  brief  instructions  will  enable  the  student  to  prepare  the  blank  form  for 
this  kind  of  Balance  Sheet : 

Get  a  sheet  of  paper  of  the  proper  size,  and  for  a  border  rule  double  red  lines  around 
the  margin.* 

First,  rule  the  parallel  head-lines,  leaving  proper  space  for  the  double  captions,  as  in 
the  example.  Next,  ascertain  the  number  of  Ledger  accounts  to  be  represented.  This 
will,  of  course,  embrace  all  the  accounts  in  the  Trial  Balance  that  do  not  cancel.  If  the 
business  is  that  of  a  single  proprietor,  usually  called  "  Stock  business,"  rule,  in  pencil, 
as  many  lines  as  will  contain  all  the  accounts,  and  five  additional.  If  it  be  a  partnership 
business,  with  two  or  more  partners,  rule  three  additional  lines  for  each  partner.  Thus : 
for  "Stock"  business  five  lines  more  than  all  the  accounts;  for  two  partners  eight  lines 
more  than  all  the  accounts ;  for  three  partners,  eleven  lines  more,  and  so  on. 

Next,  lay  off  proper  spaces  for  debit  and  credit  money  columns ;  first,  for  the  footings 
of  Ledger  accounts,  second,  for  Gains  and  Losses,  third,  for  Stock — or  if  partners,  for 
each  partner — and  fourth,  for  Resources  and  Liabilities;  also,  for  a  single  money 
column  for  Inventories,  and  for  the  Ledger  titles  and  their  Ledger  folios.  The 
position  of  these  columns  you  will  see  in  the  example  given.  These  spaces  can  best 
be  appropriated  by  using  a  pair  of  dividers,  and  giving  each  of  the  captions  its  just 
proportion. 

After  denoting  the  proper  space  for  each  heading — which  can  best  be  done  with 
pencil — commence  to  rule  in  red  ink  at  the  right  hand,  and  bring  all  the  lines  of  the 
first  two  captions — Real  Accounts  and  Stock,  or  one  of  the  partners — down  to  the  lower 
pencil  line.  For  the  other  partner  drop  two  lines.  For  Losses  and  Gains  drop  two 
lines  for  Stock  business,  and  an  additional  line  for  each  partner. 

Next,  rule  the  foot-lines  as  shown,  and  the  schedule  will  be  ready  to  receive  the 
accounts. 

The  process  of  showing  results  is  precisely  similar  in  its  order,  and  the  results  the 
same  as  in  "  closing  the  Ledger,"  and  will  need  no  explanation  aside  from  the  example 
given. 

*  The  border  may  be  made  either  plain  or  omameDtal,  as  best  suits  the  taste  of  the  accountant ;  but  we  would  recom- 
mend in  this,  as  well  as  all  business  statements,  the  utmost  neatness,  and  the  avoidance  of  that  kind  of  affectation  or 
display  vulgarly  known  as  *^  gingerbread  work/' 

90 


oc 

I 

Eh 

W 

02 

<i 
w 

02 

Pi 

w 


g 


i 


$ 


t-iS  I   I  5? 


^ 


SS8  -s   s  • 


M 
CQ 


4 


I 


O 


s 


■     •      ■ 
I     I     I 


I     •     ■ 

I      I      I 
I     I     I 


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SET  IV.— AUXILIARY  BOOKS. 


AUXILIARY    BOOKS, 

The  auxiliary  books  and  forms  proper  for  Set  IV  are  given  on  the  following  pages. 
The  necessity  of  auxiliaries  need  not  be  commented  upon,  but  the  extent  to  which  they 
are  used  depends  upon  the  character  of  the  business,  the  kind  and  amount  of  information 
required,  and,  to  some  extent,  upon  the  taste  and  ingenuity  of  the  bookkeeper.  The 
principal  objection  to  a  multiplicity  of  auxiliaries  is  the  labor  required,  but  as  this  is 
balanced,  or  should  be,  by  the  additional  information  given,  no  such  objection  should 
prevail.  In  fact,  special  books  of  entry  are  so  utilized  in  large  houses  as  to  stand  as 
principal  books,  thus  condensing  and  classifying  the  record  from  the  start.  All  cash 
transactions  are  entered  at  once  in  the  Cash-Book  and  posted  from  thence,  and  the 
purchase  and  sale  of  goods  are  so  recorded  in  special  books  as  to  render  a  Day-Book  and 
Journal  entry  unnecessary.  This  plan  is  shown  further  on.  We  have  given  one  form 
of  Commission  Sales-Book  in  Set  III,  and  another  form  here.  Both  are  in  use,  and  both 
good.  The  illustration  of  the  method  of  keeping  a  bank  account  in  the  Check-Book 
will  be  readily  appreciated. 

The  forms  of  letters  and  various  kinds  of  business  paper,  will  serve,  as  in  some  sense, 
models,  but  are  not  intended  to  be  followed  utterly.  It  would  be  well,  in  fact,  for 
the  student  to  write  letters  for  himself,  using  his  own  language,  rather  than  to  copy  those 
given.  The  letters  submitted  are  among  the  simplest  required  in  business,  and  do  not 
call  for  much  skill  of  thought  or  expression.  They  are,  however,  explicit  and  circum- 
stantial, and  meet  the  requirements  of  the  occasion.  A  business  letter  has  a  few 
requisites  which,  if  the  student  will  keep  in  mind,  he  will  be  excused  from  any  mere 
literary  display. 

1.  It  should  be  correct  in  form  and  mechanical  structure;  that  is,  the  date,  the 
salutation,  the  body  of  the  letter,  the  complimentary  ending,  and  the  signature,  should 
be  each  in  its  proper  place,  and  in  proper  form ;  and  the  writing  itself  should,  of  course, 
be  neat,  legible,  and  business-like. 

2.  It  should  be  pointed  and  exact  in  expression,  and  as  brief  as  the  circumstances  will 
admit ;  although  brevity  should  never  be  secured  at  the  expense  of  completeness.  Every 
business  letter  should  have  a  definite  purpose,  and  that  purpose  should  be  plainly  set 
forth,  at  whatever  required  length.  The  great  majority  of  business  letters,  as  also  of 
business  forms,  are  so  similar  in  purpose  that,  to  save  time  and  possible  errors,  blank 
printed  forms  are  used,  requiring  only  the  filling  in  of  dates,  amounts,  and  special 
conditions.  No  student  should  rely  upon  this,  however,  but  should  be  required  to  write 
out  in  full  all  the  forms  called  for  in  the  business. 

One  of  the  most  important  auxiliaries  given  in  this  connection  is  the  Bank  Check- 
Book  with  its  attendant  vouchers,  the  character  and  working  of  which  can  be  understood 
at  a  glance.  The  Check-Booh  is  a  book  of  blank  checks,  with  a  margin  for  memoranda 
and  appropriate  rulings  for  the  entry  of  amounts  deposited  and  drawn  out;  the  difference, 
which  can  at  any  time  be  ascertained,  being  the  balance  in  bank.  The  Pass-Book  is  a 
memorandum  of  deposits  in  which  the  bank-teller  enters  the  dates  and  amounts 
deposited,  and  when  required,  writes  in  the  checks  which  have  been  paid,  showing  the 
net  amount  on  deposit.  The  Deposit-Slips  accompany  the  deposits,  and  contain  a  list 
of  the  funds  which  make  up  the  amount.  The  teller  compares  these  items,  and  enters 
the  amount,  with  his  signature,  in  the  Pass-Book. 

93 


4 


SET  IV.— COMMISSION 


SALES  BOOK. 


Mdse.  Co.  A. 


14! 


1872 
April 

3 

M 

a 

« 
U 

6 

u 

« 

a 

(( 

To  Logan,  Wilson  &  Co.    Received  from  L.  W.  &  Co.,  Pittsburgh,  to  be 

sold  on  our  joint  %  and  risk,  each  %, 
800  kegs  NaUs,       @  $3    -    -    -    -     $2400 
20,000  lbs.  Lead,     @  7/,   -    -    -    -    -  1400 

Cash  Paid  freight 

Storage  and  Adver.     Our  charges 

Commission  23^%  on  $4700 

Logan,  Wilson  &  Co.    Their  }4  net  gain 

Loss  and  Gain  Our    "    "     ** 

"-  Account  Sales  rendered  April  6. 

L.  W.  &  Co.'s  net  proceeds,  $4136.25.    Due 
Apr.  30. 


Mdse.  Co.  B. 


1872 

April 


a 
« 
a 


4 1    To  Niles  &  Kinne 


8 
« 


storage  and  Adver. 
Commission 
Niles  &  Kinne 
Loss  and  Gain 


Received  from  N.  &  K.,  Buffalo,  to  be  sold  on 
our  joint  %  and  risk,  each  %, 
500  bbls.  Flour,        @  $8  -    -    - 

Our  charges 

21^%  on  $4500 

Their  }^  net  gain 

Our 


((     («     *< 


Account  Sales  rendered  April  8. 

N.  &  K.'8  net  proceeds,  $4183.75.    Due  May  9. 


Mdse.  Co.  C. 


1872 

April 

10 

To  Pliny  Moore 

« 

U 

S.  G.  Payn 

M 

13 

Cash 

U 

« 

Storage  and  Adver. 

« 

« 

Commission 

« 

u 

Pliny  Moore 

« 

u 

S.  G.  Payn 
Loss  ana  Gain 

« 

u 

Received  per  Merchants'  Line,  from   Pliny- 
Moore,  Troy,  to  be  sold  on  joint  %  of 
himself,  S.  G.  Payn,  Albany,  and  our- 
selves, each  }^, 
1000  bbls.  Flour,       @  $8.50     -    -     $8500 

P.  Moore  and  our  %  invoice  furnished  by  him 

His  %  invoice  as  above 

Paid  Freight    .    -    .    • 

Our  charges 

23^%  on  $10000  -    -    ■ 

His  ^  net  gain     -    -    • 

His  *♦     '* 

Our «     " 


u 
({ 


Account  Sales  rendered  April  13. 
p.  Moore's  net  proceeds  -  -  - 
S.G.Payn's«         "  •    •    • 

Due  May  15. 

94 


$6006.67 
3173.33 


4000 

20 

112 

183 

183 


4500 


50 

75 
75 


67 
33 


Sales. 


2 


1872 
April 


(( 


By  Cash 

Bills  Keceivable 


Sold  Wm.  H.  Woodbury, 
400  kegs  Nails,        @  $3.50 

Sold  Robert  Haywood,  on  his  note  (gj  30  days, 
20,000  lbs.  Lead,  @  9^  -  -  .  .  $1800 
400  kegs  Nails,       @  $3.75   -    -    -       1500 


1872 
April 


8 


By  Charles  Stetson 


1872 
April 


it 


13 1  By  Bills  Receivable^ 


<f 


Cash 


Sales. 


Sold  him,  @  30  days,  on  %, 
600  bljls.  Flour,.       @  $9 


450C 


4500 


Sales. 


Sold  Warren  P.  Spencer, 
1000  bbjls.  Flour,  ^    @  $10.00     •    -  $10,000 

XJeceived  his  note,  at  40  days,  for 

Balance  in  cash >•... 


7000 
3000 


10000 


95 


SET  IV.— COMMISSION 


;£ 


9 


1872 
May 


u 
t( 
u 
u 


1872 

May 


u 
tt 

« 


« 

3 
{( 


1872 
May 

6 

IC 

(t 

(( 

8 
it 

M 

(( 

(( 

<( 

« 

it 

Mdse.  Co.  D. 


1  ;   To  Wm.  K.  Sadler 


East  River  Bank 
Charges 
Commission 
Wm.  K.  Sadler 
Loss  and  Gain 


Received  from  W.  K.  S.,  Philadelphia,  to  bo 

Bold  on  our  joint  %,  efich  3^, 

100  bbls.  Cider  Vinegar,       @  $7    -    -$700 

50      "     Linseed  Oil,  @    40  -    -  2000 

40  h'f  kegs  White  Lead,      @,    3    -    -    120 

Our  ]4  invoice $2820 

Paid  freight,  per  check 

Storage,  advertising,  and  insurance    -    -    -    - 
iU%  on  $3120 


i 


His  }4  iAvoice,  $1410,  and  net  gain,  $61 
Our  3^  net  gain -    • 


Account  Sales  rendered  May  3. 
W.  K.  S.'s  net  proceeds,  $1471. 
Due  by  equation,  June  20. 


1410 
50 
50 
78 

1471 
61 


3120 


Mdse.  Co.  E. 


To  F.  A.  Boyle  &  Co. 


Received  of  F.  A.  B.  &  Co.,  New  Orleans,  to  be 
sold  on  joint  %  of  themsel^ves,  Camp- 
bell &  Strong)  and  ourselves,  each  % 
too  hhds.  Sugar,        (g 


East  Kiver*  Bank 
Charges 
Commission 
R  A.  Boyle    , 
Campbell  &  Strong 
Loss  and  Gain 


Our  ^ij  above  invoice     -    -    -  ^ 

Paid  freight  per  check 

Storage,  advertising,  etc, 

2}i%  on  $7^00     -    -    - 

Hiii  %  invoice  $2000,  and  net  gain  $254.16 
Their  ^  invoice  $2000,  and  net  gain  $254.17 
Our  %  net  gain 


Account  Sales  rendered  May  8. 
F.  A.  Boyle  &  Co.'s  net  proceeds,  $2254.16. 
Campbell  &  Strong's "         "            2254.17. 
Due  by  ec|uation|_May^8. 


20oq 

187  50 

2254  16 

2254  17 

254  17 


7500 


Mdse.  Co.  F. 


iq    To  H.  D.  Van  Syckel 


141 

it 


East  River  Bank 

Charges 

Commission 

H.  D.  Van  Syckel 


Received  from  H.  D.  V.  S.,  St.  Louis,  to  be  sold 
on  our  joint  %,  each  3^^, 
600  bbls.  :^ork,        @  $9    -    -    -    -     $450( 
250    "     Lard,  50,000  lbs.,  @  5j^.    -    ^2500 

Our  3^  invoice $700( 

Paid  freight  per  check 

Storage,  cooperage,  etc. 

2%%  on  $6750 

His  K  invoice  .$3500,  less  his  net  loss  $484.3^ 


Account  Sales  rendered  M&y  14. 

H.  D.  Van  Syckel's  net  proceeds,  $3015.62. 

Due  by  equation^^Ma^Jl5;_^ 

96 


35001 

500 

50 

168   75 
62 


1Q15 

72341  37 


SALES  BOOK. 


1872 
May 


<i 


'4 


Sales. 


L     I. 


By  Cash 


Sold  J.  R.  Bigelow, 
100  bbls.  Cider  Vinegar,        @  $7.50  -    -    - 
Hanna,  Beaser  &  Co.  Shipped  them  to  Detroit,  per  their  order, 

50  bbls.  Linseed  Oil,         @  $45  -    -     $2250 
40  h'f  kegs  White  Lead,  @     3  -    -        120 
'  Payable  at  60  days. 


750 


2370 


3120 


Sales. 


1872 
May 


« 


8 


it 


By  Bills  Eeceivable 


Interest 
Cash 


Sold  Wm.  A.  Holley,  Fort  Edward, 
100  hhds.  Sugar,        @  $75    -    -    -     $7500 
Received  in  payment  a  note  against 

Erastus  Coming  for 

Interest  due  on  same  td  date 

For  balance 


5000 

123 

2376 


7500 


47 
53 


Sales. 


187^ 
May 

tt 

(t 

14 

17 
if 

By  Cash                               Sold  E.  A.  Charlton, 

500  bbls.  Pork,        @  $9.50 

Cash                                 Bold  Theron  W.  WoolBon, 

250  bbls.  Lard,  50,000  lbs.,  @  4^     .    .    .    . 

4750 

2000 
484 

37 

U\/9t9  iXkiiJk  vjTwaaa                    vur  Uvb  iUMn  -•••••••••-*» 

* 

tf  1 

7234 

37 

w 


I 


SET  IV.— ACCOUNTS  SALES. 


V 


SET  IV.— ACCOUNTS  SALES. 


Sales  of  lOOO  bbls.  Flour,  on  joint  %  of  Pliny  Moore,  Troy,  S.  G.  Payn, 

Albany,  and  ourselves,  each  ^j. 


1872 
Apiil 


13 


10 
13 


Sold  Warren  P.  Spencer, 

1000  bbls.  Flour,  @.  $10 

Casli,  $3000  — Note  at  40  days,  $7000. 


CUarffcs. 


Paid  Freight,  in  cash  -  -  .  - 
Storage  and  Advertising  -  -  - 
Commission  2%%  on  $10000  - 
S.  G.  Payn's  net  proceeds  -  -  - 
Our  1^  net  gain 

P.  Moore's  net  proceeds' 


RE. 


Invoice  1000  bbls.  Flour,  Q  CS.HO,  C8500. 

Your  and  our  %  of  above 

**      ij  net  gain 

Net  proceeds  as  above  -    -    -    -    - 
Due  by  Equation,  May  14. 


$200 
30 

250 
3173.33 

340 


r666.67 


340 


$6006.67 


New  York,  April  13,  1872. 


BRYANT  &  STRATTON, 

per  Packard. 


iOOOO 


3993 


6006 


33_ 
67 


Sales  of  too  hhds.  Sugar  on  joint  %  of  F.  A.  Boyle  &  Co.,  N.  O.,  Campbell 

&  Strong,  and  ourselves,  each  }^. 


1872 
May 


<< 
« 


8 


6 

8 


Sold  Wm.  A.  Holley,  Fort  Edward, 
100  hhds.  Sugar,  @  $75      -    - 


-^—  Charges.  — 

Paid  Freight $500 

Storage,  Advertising,  etc.    -----.. 50 

Commission  2%%  on  $7500 187.50 

Campbell  &  Strong's  net  proceeds  -    ■ 2254.17 

Our  %  net  gain .-..-...  254.17 

F.  A.  Boyle  &  Co.'s  net  proceeds* 


Invoice  100  hhds.  Sugar,  @  $60,  $6000. 


Your  and  our  %  Invoice 


4000 
254.16 


Your  I3  net  gain 

Net  proceeds  as  above ;iS4254.16 


E.E. 


Due  by  Equation,  May  8. 

BRYANT  &  STRATTON. 


New  York,  May  8,  1872. 


7500 


3245 


4254 


16 


•iL 


J  100  bbls.  Cider  Vinegar,  1 
SO       "     Linseed  Oil,       V  on  joint  %  of  W.  K.  Sadler  and  ourselves, 
40  h'f  kegs  White  Lead. ) 

each  3^. 


1872 
May 


3 
8 


1 
3 


Sold  J.  R.  Bigelow,  for  cash, 

100  bbls.  Cider  Vinegar,  @,  $7.50  -  -  -  - 
jlssumed  and  shipped  on  our  own  %,  at  GO  days, 

50  bbls.  Linseed  Oil,  @  $45 

.     40  h'f  kegs  White  Lead,  @  $3 


C/iarffct. 


Freight  per  check 

Storage,  Advertising,  and  Insurance   -    -         

Commission  2)^%  on  $3120 

Our  }4  net  gain 

W.  K.  Sadler's  net  proceeds 

Invoice  100  bbls.  Cider  Vinegar,       @  $7 
50     "      Linseed  Oil,  @  40 

40  h'f  kegs  White  Lead,    Q     3 


$2250 
120 


50 
50 

78 
61 


700 


2000 
120 

2820 
61 


Net  gdn 

Net  proceeds  as  above $2881 

E.  E.  Due  by  Equation,  June  20. 

BRYANT  &  STRATTON, 
New  York,  May  3,  1872.  per  Packard. 


750 


2370 


3120 


2?>' 


288i 


*  A  correeponding  statement  1b  sent  to  S.  G.  Payn. 

08 


Sales   of 


1872 
May 


<c 


«( 
f« 


IIbo^^'^^'  Wd;}  on  joint   %   of  H.  D.  Van   Syekel,   St.    Louis,   and 

ourselves,  each  3^. 


14 

".7 


6 
17 


Sold  for  cash, 

500  bbls.  Pork,  @  $9.50  -    -    -    - 
Sold  for  cash, 

250  bbls.  Lard,  50,000  lbs.,  O  ^f 


Cha7'f;es, 

Paid  Freight  -    -    - $500 

Storage  and  Cooperage 50 

Commission  23^^  on  $6750 168.75     718.75 

Less  our  3^  net  loss 484.37 

II.  D.  Van  Syckel's  net  proceeds 

Invoice  500  bbls.  Pork,  @  $9 4500 

250     «     Lard ,    -    -    -  2500 


E.E. 


7000 
Less  your  ^  net  loss 484.38 

Net  proceeds  as  above $6515.62 

Due  by  Equation,  May  16. 


BRYANT  &  STRATTON. 


New  York,  May  17,  1872 


♦  A  corresponding  statement  i?  sent  to  Campbell  &  Strong. 


4750 

2000 


6750 


234 


6515 


38 


^ 


BANK    CHECK -BOOK 


I 

• 

PASS- 

BOOK. 

\Dr.     EAST  RIVER  BAIS  H 

%  WITH  BRYANT  k  STRATTOK.     Cr. 

i  1873 

1879 

11 

Apr.  1 

CMh,W. 

10000 

900 

Mftyl 

••     W. 

8600 

t 

968 

75 

! 

1 

60 
150 
500 

1 
i 

1 
* 

166SI 
1S900 

t5 

18000 

Balance  -   - 

16631 

35 

DEPOSIT    SLIP. 


Bepoaited  m  Bast  Rivet[  Bank. 

Sy  ^TycLTit  <Sf  Stratton, 

New  Tobs,  Apr.  1,  187i. 


Bank  Bills 
Specie     - 
Checks   • 


6000 

2500 

9G& 

SBO 


10000 


100 


©ate. 


1872 
Apr. 
May 


il 


t  • 


(Deposits 


10000 
8500 

18»00 


Qhecka. 


200 


968 


50 


^50 


75 


600 

1B<8 


Ti 


AND    VOUCHERS. 


A'o.  1. 


No.  2. 

^K'd^    d^  '/bt'nne'j 


200 


j€/u/^2jr\ 


No.  3. 

^  M.    o/oncJ, 
(Mutant 


^(ca^    ■/, 


No.  4- 


i/i 


Paid  ^i^ ^ela^, 


No.  5. 


.968 


75 


50 


150 


^cau   6. 


1««I1.B» 


500 


No.  1.  New  York,  J€/iu/2S,  18/^. 

6iist  §ltber  §anh, 

Pay  to           ^.    »^     ^iyaw/,  or  Bearer, 

c^toa   ^Pt^unaiec/ T^V  Dollars. 


s.   «    • 


•  **     *  •  'M^an/  'f  if^ia^^on. 


No.  2. 


New  York,  ^j^u/  ^S,  18 7 t 

6ast  §liber  §anh, 

Pay  to  ^.     '^oui^ei^  or  Bearer, 

t/i^ne      ^^uru/i&c/    ane/    Qu^v/u-etaM     -fjfjf     DollarS. 


No.  S.  '    New  York,  c.^  /,  18^^. 

®ai5t  ^ib^r  §anhy 

Pay  to  7/C  M     Q^ne^,        \    or  Bearer, 

Sy^  7^9-  Dollars. 


No.  4.  New  York,  ^a^  ^,  18 /Z 

(East  ^ibu  §anh. 

Pay  to        ^Aew    '^i/f  ^eiu'/c/,         or  Bearer, 

^Tie   ^uncAec/  ane/  <^M,  //jT  Dollars. 


No.  5.  New  York,  ^a^  ^  18^2. 

®ast  gliber  §anh, 

Pay  to    ^^/ein.  <^ianii/ioi/a/<on  t&o.     or  Bearer, 
c%i.«  ^utuAec/'  tW  Dollars. 

$500. 


3^luan/   (^  ^ia'/'/tm. 


No. 


New  York, 


18 


Pay  to or  Bearer, 


ffjf  Dollars. 


101 


I'.- 


It 


W 


j'T 


SET  IV.— NOTES,  DRAFTS,  ETC, 


NOTES,  DRAFTS,  ETC. 

RECEIVABLE. 
I33()()  New  York,  April  6, 1872. 

Thirty  days  after  date,  for  value  received,  I  promise  to  pay  Bryant  &  Stratton,  or  order. 

Thirty-three  Hundred  Dollars,  at  the  East  River  Bank. 

Robert  Haywood. 


IIQOQ^  •  New  York,  April  9, 1872. 

Thirty  days  after  date,  I  promise  to  pay  to  the  order  of  Bryant  &  Stratton,  at  my  office, 

No.  195  Water  street,  One  Thousand  Dollars,  value  received. 

Austin  Packard. 


|fj.QQQ^  Buffalo,  April  13, 1872. 

Forty  days  from  date,  I  promise  to  pay  Bryant  &  Stratton,  or  order,  at  the  International 

Bank  of  Bufl^o,  Seven  Thousand  Dollars,  value  received. 

Warren  P.  Spencer. 


|5Q0()  Albany,  January  1, 1872. 

One  day  after  date,  I  promise  to  pay  to  WilUam  A.  Holley,  at  the  Bank  of  the  Capitol, 

Five  Thousand  Dollars,  value  received. 

Erastus  Corning. 


PAYABLE. 
12900  New  York,  April  6, 1872. 

For  value  received,  ninety  days  from  date,  we  promise  to  pay  to  the  order  of  Acker, 
Merrall  &  Co.,  Twenty-nine  Hundred  Dollars,  at  the  East  River  Bank. 

Bryant  &  Stratton. 


I^QQQ  New  York,  April  12, 1872. 

Ninety  days  from  date,  we  promise  to  pay  Daniel  Drew,  or  order,  Five  Thousand 
Dollars,  value  received.  ^^^^^^  ^  Stratton. 


U\Ufi\. 


Pittsburg,  April  7, 1872. 


At  thirty  days  sight,  pay  to  the  order  of  Geo.  K.  Chase  &  Co.,  at  their  Banking  House, 
13  Cooper  Institute,  Forty-one  Hundred,  Thirty-six  fi^  Dollars,  value  received,  and  charge 
to  account  of  Logan,  Wilson  &  Co. 

To  Bryant  <&  Stratton,  New  York, 


SET  IV.— NOTES,  DRAFTS,  ETC. 

$3900.  New  York,  May  13, 1872. 

At  ten  days'  sight,  pay  to  the  order  of  George  A.  Crocker  Thirty-nine  Hundred  Dollars, 
and  charge  to  account  of  Hope  &  Co. 

To  Bryant  dt  Stratton,  New  York. 


$2881.  Philadelphia,  May  25, 1872. 

At  thirty  days'  sight,  pay  to  the  order  of  B.  McGann,  Twenty-eight  Hundred,Eighiy-one 
Dollars,  at  the  MetropoHtan  Bank,  value  received,  and  charge  to  account  of 

To  Bryant  &  Stratton,  New  York,  Wm.  K.  Sadler. 


LETTER    BOOK. 

Messrs,  Bryant  &  Stratton,  Pittsburg,  April  1st,  1872. 

New  York: 

Gentlemen, — As  per  our  agreement  of  the  30th  ult,  we  ship 
you  this  day  (Invoice  enclosed)  800  kegs  Nails  and  20,000  lbs.  Lead,  to  be  sold  on  oui 

joint  %, 

We   shall  leave  it  with  you  to  push  them  upon  the  market,  or  to  await  bettei 
prices.    Your  reputation  and  experience  afford  sufficient  guarantee  that  whatever  course 

you  may  see  fit  to  pursue  will  be  the  best. 

Very  truly  yours, 

Logan,  Wilson  &  Co. 


Messrs,  Bryant  &  Stratton,  Buffalo,  April  2d,  1872. 

New  York : 

Gentlemen, — ^Enclosed  you  will  find  Invoice  of  500  bbls. 
Flour,  which  we  ship  you  this  day  on  joint  %,  You  will,  perhaps,  find  it  best  to  take 
advantage  of  the  present  demand  in  your  city  to  close  out  the  sales  at  an  eariy  day.  How- 
ever, we  leave  that  matter  to  your  own  good  judgment. 

Please  keep  us  advised  as  to  the  indications.  Yours, 

Niles  &  Kinne. 


102 


Logan,  Wilson  &  Co,,  New  York,  April  6th,  1872. 

Pittsburg  : 

Gentlemen, — We  enclose  you  Account  Sales  of  the  Nails  and 
Lead  shipped  us  on  the  1st  inst  Your  net  gain,  as  shown,  is  $336.23.  We  thmk  the 
present  a  favorable  time  for  this  class  of  sales,  and  shall  be  happy  to  join  you  in  any 
reasonable  amount. 

Let  us  hear  from  you  soon.  BespectfuUy, 

Bryant  &  Stratton. 

103 


N 


SET  IV.— LETTEB  BOOK. 


SET  IV.— LETTEE  BOOK. 


Mesf-rs.  Mies  <&  Kinney  New  York,  April  7th,  1872. 

Buffalo : 

Gentlemen,— You  will  please  find  enclosed  Invoice  of  20  hhds. 

Sugar,  100  bags  Coffee,  and  100  boxes  Eaisins,  to  be  sold,  as  per  our  agreement,  on  joint  %. 

We  have  an  excellent  chance  in  prospect  of  purchasing  to  advantage  in  this  line, 

and  shall  be  happy  to  leam  from  you  that  the  demand  wiU  warrant  a  fair  investment.    We 

await  your  further  advices.  Respectfully, 

Bbyant  &  Stratton. 


Messrs,  Mies  &  Kinne,  New  Yobk,  April  8th,  1872. 

Buffalo : 

Gentlemen,— Enclosed  please  find  Account  Sales  of  the  Flour 

shipped  us  on  the  2d  inst.    We  feel  satisfied  with  the  returns,  particularly  as  since  our 

sales  were  effected,  prices  have  materially  dechned.    The  uncertainty  of  Europeaii  affairs 

renders  the  provision  market  extremely  unstable,  and  all  prognostications,  at  this  tune, 

imrehable.    We  have  no  doubt,  however,  that  the  ultimate  tendency  will  be  favorable  to 

investments,  and  do  not  hesitate  to  advise  you  to  secure  any  good  bargains  which  the 

present  seeming  depression  may  throw  in  your  way. 

Truly  yours, 

Bryant  &  Stratton. 


Messrs.  Bryant  &  Stratton,  Troy,  April  10th,  1872. 

New  York: 

Gentlemen,— I  ship  you  to-day,  as  per  Invoice  enclosed, 
1000  bbls.  Flour,  to  be  sold  on  jomt  %  of  yourselves,  S.  G.  Payn,  Albany,  and  myself,  each 
one-third.  You  will  please  open  an  account  with  Mr.  Payn,  and  render  him  an  Account 
Sales  of  his  one-thh-d,  as  per  our  agreement.     I  have  charged  you  for  your  one-thu-d 

invoice.    Please  keep  me  advised.  Yours, 

Pliny  Moore. 


Pliny  Moore,  Esq.,  ^ew  York,  April  13th,  1872. 

Troy :  , .      ^ 

Sib —We  send  you  enclosed  Account  Sales  of  Flour  shipped  us  on 

the  10th,  having  effected  i^he  sale  in  less  time  than  we  had  anticipated.  We  trust  the 
result  will  be  satisfactorv.  You  now  stand  credited  on  our  Books  $6006.67.  We  have 
communicated  with  Mr.  Payn.  We  think  the  present  a  favorable  time  U>  invest  m  Flour, 
and  shall  be  happy  to  join  you  in  speculation,  or  to  sell  for  you  on  commission.  We  await 
your  further  orders.  Respectfully, 

^  Bryant  &  Stratton. 


S.  G.  Payn,  ^^^  ^^^^'  ^P^^  ^^^^'  ^^^^' 

Albany :  ,  .       ^       i.    to- 

Sir  —Enclosed  please  find  Account  Sales  of  Flour,  shipped  us  by  Pliny 

Moore  of  Troy,  as  i^er  our  understanding.    Your  one-third  net  gain  is  $340,  which  gives 

YOU  a  total  cr^t  on  our  books  of  13173.33. 

^  Respectfally  yours, 

Bryant  &  Stratton. 

104 


Messrs,  Bryant  &  Stratton,  Buffalo,  April  18, 1872. 

New  York: 

Gentlemen, — We  enclose  you  Account  Sales  of  the  Sugar, 
Coffee,  and  Raisins,  shipped  us  on  the  7th  inst  Your  net  proceeds  from  Sales,  including 
Invoice  and  Gain,  is  $3215,  which  we  have  entered  to  your  credit 

We  shall  be  happy  to  hear  from  you.  Respectfully, 

NiLES  &  KiNNE. 


8.  G.  Payn,  Esq.,  New  York,  April  22, 1872. 

Albany : 

Sir,— We  ship  you  this  day,  per  Merchants'  Lme,  30  hhds.  Sugar,  ba 
per  enclosed  Invoice,  to  be  sold  on  joint  %  of  yourself,  PHny  Moore,  Troy,  and  ourselves, 
each  K    We  have  advised  Mr.  Moore,  and  he  will  look  to  you  for  an  account  of  the  sales. 
Please  write  to  us.  Truly  yours, 

Bryant  &  Stratton. 


Pliny  Moore,  New  York,  April  22, 1872. 

Troy : 

Dear  Sir,— We  enclose  you  Invoice  of  30  hhds.  Sugar,  shipped  this  day 
to  S.  G.  Payn,  Albany,  to  be  sold  on  joint  %,  as  per  arrangement  We  have  charged  you 
with  your  K  Invoice,  and  advised  Mr.  Payn  to  account  to  you  for  the  sales. 

Very  respectfully, 

Bryant  &  Stratton. 

Messrs,  Bryant  &  Stratton,  Albany,  April  29, 1872. 

New  York: 

Gentlemen, — ^I  send  you  enclosed  an  account  of  the  sales 
of  Sugar  shipped  by  you  on  the  22d  inst  Your  %  loss  on  sales,  as  per  statement,  is  $115, 
which  reduces  your  net  proceeds  to  $1218.34. 

I  regret  the  result,  but  have  done  the  best  I  could,  under  the  circumstances.    The 
rapid  decUne  in  Sugar  could  not  have  been  foreseen ;  and  had  I  delayed  the  sales  another 

dav,  the  result  would  have  been  far  less  satisfactory. 

^'  Respectfally  yours, 

S.  G.  Payn. 


Messrs.  Bryant  S  Stratton,  Philadelphia,  April  30, 1872. 

New  York: 

Gentlemen, — ^I  ship  you  this  day,  as  per  arrangement, 
iOO  Dbls.  Cider  Vinegar,  50  do.  Linseed  Oil,  and  40  hT  kegs  White  Lead,  to  be  sold  on 
joint  %,    I  have  charged  you  K  the  enclosed  Invoice,  according  to  agreement    Please 

exercise  vour  own  judgment  in  the  matter  of  sales. 

•^  Respectfully  yours, 

Wm.  K.  Sadler. 


New  York,  May  2, 1872. 


R,  W,  Hoadley,  Esq., 

Philadelphia : 

Dear  Sir,— We  enclose  you  Invoice  of  200  bbls.  Pork,  shipped 
you  this  day,  to  be  sold  on  our  joint  %.  Your  M  Invoice  (charged)  is  $909.  We  shaU 
trust  entirely  to  your  judgment  in  effectmg  sales.  ^^ 

Bryant  &  Stratton. 
105 


^"*-r 


PRACTICAL  EXERCISES.— FOURTH  SERIES. 


PRACTICAL  EXERCISES.— FOURTH  SERIES. 


PRACTICAL    EXERCISES. 

LTo  be  written  up  after  the  manner  of  Set  m.] 

Transactions.— Fourth   Series. 

The  transactions  which  follow  will  enable  the  student  to  carry  out  the  instructions  of  Set  IV  in 
practice.  The  two  months  represent  two  years,  as  in  the  preceding  set ;  the  balances  to  be  brought 
down  at  the  end  of  the  first  year,  and  the  business  of  the  second  year  to  be  continued  under  the  same 
accounts  ;  finally  closing  the  accounts  through  the  Journal.  The  two  methods  of  keeping  the  accounts 
of  temporary  copartnerships  are  also  illustrated. 


jipr.   /. — J.  H.  Goldsmith  and 


have  this  day  entered  into  copartnership,  each 


investing  $8000  cash.     The  firm  assumes  to  pay  for  J.  H,  Goldsmith  a  note  in  favor  of 
H.  VV.  Ellsworth,  dated  Jan.  15,  with  interest  at  6%  from  date ;  face  of  note,  $300  ;  interest 
due  to  date,  $3.75. 
2. — Paid  cash  for  Store  Fixtures,  $1500  ;  and  for  rent  of  store,  six  months  in  advance,  $750. 
,y.— Bought  of  H.  G.  Reeve  &  Co.,  8  bags  Rio  CoflPee,  1280  lbs.,  @W;  6  chests  Young  Hyson 
Tea,  297  lbs.,  @  GS^'^ ;  10  boxes  Virginia  Tobacco,  350  lbs.,  @  ^f  ;  for  which  we  have  accepted 
their  draft  at  60  ds.,  favor  of  Chas.  Strong. 
Z.. — Received  from  James  At  water,  Lockport,  to  be  sold  on  his  and  our  joint  %,  each  \,  500  brls. 

Flour.  @  $8  ;  1000  bush.  Wheat,  @  $1.50  :  paid  freight  on  same,  in  cash,  $400. 
6. — Received  from  D.  L.  Wing,  Albany,  to  be  sold  on  joint  %  of  himself,  J.  Walker,  Schenectady, 
and  ourselves,  each  \,  1000  brls.  "Julian  Mills"  Flour,  @  $8.50  ;  paid  freight  in  cash,  $100. 
tf.— Sold  W.  H.  Beebe,  for  cash,  1000  bush.  Wheat  (Mdse.  Go.  A,  Atwater's  Consignment), 
@  $1.83. 

7.— Sold  J.  W.  Lusk,  on  %,  at  60  ds.,  2  chests  Young  Hyson  Tea,  100  lbs.,  @  75.<^ Sold 

J.  C.  Beale,  on  his  note  at  10  ds.,  500  lbs.  Flour  (Mdse.  Co.  A.),  @  $9 Oosed  Mdse. 

Co.  A  and  rendered  James  Atwater  our  account  of  sales ;  our  charges  for  storage,  adver- 
tising and  cooperage  amount  to  $75  ;  our  commission  on  sales,  2|%,  $  ;  our  ^  net 
gain,  $  ;  James  Atwater's  do.,  $ 
S, — Shipped  John  R.  Penn,  Green  Bay,  Wis.,  to  be  sold  on  our  joint  %,  each  \,  the  following 
invoice  bought  of  H.  G.  Reeve  &  Co.,  on  our  note  at  4  months :  30  hhds.  N.  O.  Sugar, 
32000  lbs.,  @  %\9  ;  40  brls.  N.  O.  Molasses,  1442  gals.,  @  40^  ;  drayage  and  insurance,  paid 
in  cash,  $75. 
fO, — Deposited  with  Geo.  K.  Chase  &  Co.,  Bankers,  cash,  $10000. 

/^.— Sold  for  cash  to  J.  &  J.  Wynkoop,  1000  brls.  Julian  Mills  Flour  (Mdse.  Co.  B.),  @  $9.50 

Closed  Mdse.  Co.  B.  and  rendered  account  of  sales  to  D.  L.  Wing,  Albany,  and  J.  Walker, 
Schenectady;  our  charges  for  storage  and  cooperage,  $75;  commission  on  sales,  (S  2|^%, 
$  ;  D.  L.  Wing's  ^  net  gain,  f  ;  J.  Walker's  do.,  $  ;  our  do.,  $ 

/<5. — Paid  cash  for  James  Atwater's  draft  on  us  at  sight,  $1000. 

/6. — Shipped  R.  C.  Spencer,  St.  Louis,  to  be  sold  on  joint  account  of  himself,  John  Atwater, 
Chicago,  and  ourselves,  each  ^,  the  following  invoice  of  goods,  bought  of  A.  T.  Stewart  &  Co., 
for  cash :   20  pes.  Dark  Blue  Circassian,  @  $12  :  50  pes.  Green  do.,  @  $10  ;    10  pes.  Satinet, 

300  yds.,  @  90<^ ;  15  pes.  Jeans,  450  yds.,  @  $1.25 Deposited  cash,  $10000. 

/7. — Shipped  Stephen  A.  Douglas,  Chicago,  pursuant  to  his  order,  8  bags  Coffee,  1280  lbs.,  @  11«^. 
JSO. — Received  cash  in  full  of  J.  C.  Beale's  note  of  the  7th  inst. 

^/.— Paid  J.  Walker's  sight  draft  in  full  of  his  %,  per  check  on  Geo.  K.  Chase  &  Co.,  $ 
JS6, — Received  account  of  sales  from  John  R.  Penn,  Green  Bay,  of  goods  shipped  him  on  the  8th ; 
our  I  net  gain,  $250. 


*  Let  the  student  use  his  own  name. 

106 


J^.— Received  from  R.  C.  Spencer,  St.  Louis,  account  sales  of  goods  shipped  him  on  the  16th ; 

our  ^  net  loss,  $135 Paid  cash  in  full  for  J.  H.  Goldsmith's  note  and  interest ;  note, 

$300 ;  interest,  $5.25.  

Inventory  of  propebty  on  hand  April  30. 

4  chests  Young  Hyson  Tea,  200  lbs.,  @  63^ ;   10  boxes  Virginia  Tobacco,  350  lbs.,  @  40^  ;  Store 
Fixtures,  $1400  ;  unexpired  rent,  $625. 


May  /.—Received  from  John  R.  Penn,  Green  Bay,  to  be  sold  on  his  and  our  joint  %,  each  \, 

3000  bush.  Wheat,  invoiced  at  $1 ;  paid  freight,  per  check,  $350. 
^.—Bought  on  our  note,  at  60  da,  of  Claflin,  Mellen  &  Co.,  10  pes.  Broadcloth,  1000  yds.,  @  $4.50 ; 

20  pes.  Cassimere,  1500  yds.,  @  $2. 
,?.— Shipped  T.  W.  Woolson,  Mt.  Pleasant,  Iowa,  to  be  sold  on  our  joint  %,  each  i,  10  pes.  Proad- 

cloth,  1000  yds.,  @  $4.75  ;   10  pes,  Cassimere,  750  yds.,  @  $2.25  ;   paid  freight  and  insurance, 

per  check,  $75 Received  cash  of  John  Atwater,  in  full  of  %,  $ 

^.— Sold  J.  C.  Bryant,  on  his  note  at  10  ds.,  3000  bush.  Wheat  (Mdse.  Co.  C,  Penn's  Consignment), 

%  $1.50  -  -   ,-    Closed  Mdse.  Co.  C.  and  rendered  John  R.  Penn,  an  account  of  sales ;  our 

charges  for  storage,  advertising,  etc.,  $150 ;  our  commission,  2,\fo  on  sales,  $  ;  J.  R. 

Penn's  net  proceeds,  $  ;  our  \  net  gain,  $ 

S. — Discounted  our  acceptance  of  $461.05,  favor  of  H.  G.  Reeve  &  Co.,  due  June  5  ;  discount  oflT, 

31  days,  @  7%  ;  paid  cash  for  face  of  acceptance,  less  interest  for  above  time  and  rate. 


6. 


-Shipped  Chester  Packard,  Milwaukee,  to  be  sold  on  joint  %  of  himself,  D.  V.  Bell,  Chicago, 
and  ourselves,  each  |,4  chests  Young  Hyson  Tea,  197  lbs.,  @  75^  ;  10  boxes  Virginia  Tobacco, 
350  lbs.,  @  W  ;  100  sacks  Rio  Coffee,  16000  lbs.,  @  10/.  The  Tea  and  Tobacco  were  from 
our  store  ;  the  Coffee  was  purchased  of  Acker,  Merrall  &  Co.,  On  our  acceptance  at  10  ds. ; 


bur  i  invoice. 


;  Chester  Packard's  do.,  $. 


D.  V.  Bell's  do.,  $. 


7.— Received  from  H.  B.  Tuttle,  Cleveland,  to  be  sold  on  joint  %  of  himself.  N.  C.  Winslow, 
and  ourselves,  each  |,  1000  brls.  Flour,  invoiced  at  $7 ;  paid  transportation  charges,  per 
check,  $450 ;  our  ^  cost,  % 
/O, — Paid  James  Atwater,  in  full  of  %,  per  check,  $. 


/^._Sold  Chas.  K  Carryl,  10  pes.  Cassimere,  750  yds.,  @  $2.50 ;  received  in  payment,  James 
HUl's  note  fgr  $1500,  dated  Jan.  1, 1872,  with  accumulated  interest  at  7;^  from  date,  $38.21  ; 
cash  for  balance,  $ 

/<5.— Sold  W.  H.^  Clark,  for  cash,  1000  brls.  Flour  (Mdse.  Co.  D.),  @  $8.50 Closed  Mdse. 

Co.  D.,  and  rendered  account  of  same  to  H.  B.  Tuttle  and  N.  C.  Winslow;  our  charges  for 
storage,  advertising,  etc.,  $150;  our  commission,  2^%  on  sales,  $  ';  H.  B.  Tuttle's  net 

proceeds,  $- ;  N.  C.  Winslow's  do.,  $ ;  our  \  net  gain,  $ 

/^.—Remitted  H.  B.  Tuttle,  cash  in  full  of  his  % ,  % 

//.—Deposited  in  Bank,  $9000 Received  cash  of  Stephen  A.  Douglas,  in  full  of  %,  $ 


Received  cash  of  J.  C.  Bryant,  for  his  note  of  May  4,  due  this  day,  $- 


/^.— Paid  our  acceptance  of  6th  inst.,  favor  of  Acker,  Merrall  &  Co.,  due  this  day,  in  cash, 


^^.— Received  from  T.  W.  Woolson,  Mt.  Pleasant,  an  account  sales  of  the  goods  shipped  him  on 

the  3d  for  our  oint  %  ;  our  net  proceeds  remitted  in  cash,  $4000. 
^<5. —Received  frotn  Chester  Packard,  Milwaukee,  ftn  account  sales  of  the  goods  shipped  him  the 

6th  inst.,  for  %  and  risk  of  Packard,  Bell,  and  ourselves  ;  our  net  proceeds,  $750. 
>^._Paid  for  N.;C.  Winslow's  draft  on  us,  in  full  of  his  %,  our  draft  on  D.  V.  Bell,  $640.92  ; 

Imlance  in  c%sh,  f 
,y^.— Received  cash  of  R.  C.  Spencer,  in  full  of  %,  $ Paid  John  R.  Penn,  cash,  in 

full  of  % ,  f  -  ■  •  •  -  Paid  D.  L.  Wing,  cash,  in  full  of  %,  $ 


Inventory  of  property  on  hand  May  31. 
Store  Fixtures,  $1400 ;  unexpired  rent,  $500  ;  interest  due  on  J.  ffill's  note,  $43.75. 

107 


'^<-.j 


:.--) 


iP 


PRACTICAL  EXERCISES— FOURTH  SERIES. 


STATEMENTS. 


April  SO. 

May  SL 

Gains. 

Merchandise       ... 
Storage  and  Adv. 
C/ommission  -      -      -      . 
Mdse.  Co.  A.       ,      .      - 
Mdse.  Co.  B.        I      .      - 
Ship't  in  Co.  to  Careen  Bay 

JjOsses. 

20 
150 
395 

98 
195 
250 

1 
100 
135 
125 

266 

1400 

625 

6127 

75 

2981 

16970 

923 

524 

140 

3117 
4598 
5862 

8075 
8379 

75 

75 
37 

84 

50 

25 

80 
84 
33 
17 
80 

85 
38 
50 

86 
60 

1110 
351 

71 

50 
21 

19 

73 
46 

46 

Gains, 

Merchandise      - 
Storage  and  Adv.    - 
Mdse.  Co.  C.      -      -      - 
Mdse.  Co.  D.      ^      -      - 
Commission 
Ship't  in  Co.  to  Mt.  P.  - 
Ship't  in  Co.  to  Milwaukee 
Interest       .     .     _     . 

Xosses, 
Rent 

!3fdesources. 

Store  and  Fixtures 
Unexpired  Rent 
Interest        .... 

Cash 

J.  W.  Tiusk        -      -      - 
Geo.  K.  Chase  &  Co.     • 
T.  W.  Woolson       -      - 
Chester  Packard     - 
Bills  Receivable     - 

liabilities. 

Bills  Payable    -      -      - 
Net  Resources 

J.  H.  GoWsmith      -      - 
Student       -     -     .      - 

869 
300 
443 
229 
335 
743 
109 
8 

25 

75 

17 

75 
09 
32 

75 
21 

46 
25 
92 

52 
27 

8028 
125 

88 

Interest  .      -      -      -      . 
Store  and  Fixtures  - 
Rent 

1400 

500 

43 

853 

75 

20497 

3256 

1390 

1500 

Ship't  iu  Co.  to  St.  Louis 

2903 

33 

759 

iV./G'atnCJilS;'^) 

29515 
10156 

Resources, 

Merchandise       .     -     - 

Store  and  Fixtures  - 

J. 

Unexpired  Rent       -      - 
Cash  -    -      -      -      -      - 

J.  W.  Lusk .      :     -      - 
J.  R.  Penn    -     ,      .      - 
Geo.  K.  Chase  &  Co. 
R.  C.  Spencer     -      -  ^  - 
John  Atwater     -      -     - 
Stephen  A.  Douglas 

30034 
13578 

59 

9527 
9831 

80 

liabilities. 

19358 

79 

Bills  Payable            -      - 
James  Atwater  -      -      - 
D.  L.  Wing  .... 

19358 

79 

• 

Net  Resources 

16455 

J.  H.  Goldsmith 
Student  -      -      -      -      - 

16455 

108 


SET    V. 


c    ■ 


^:;:i 


'tH 


oWC^ 


Jobbing  and  Importing  Business, 


EMBRACING  A3  PRINCIPAL  BOOKS, 


Cash -Book,  Domestic  and  Foreign  Invoice -Books, 

Sales -Book  and  Journal; 


AND  AS  AUXILIARIES, 


INVENTORY  -  BOOK    AND    BILL  -  BOOK, 

WITH    A    ROUTINE    OP    TRANSACTIONS    TAKEN    FROM    ONE    OF    THE    MOST     EXTENSIVE    BUSINESS    HOUSES 

IN    NEW   YORK. 


S 

•i\» 


^^ 


■5     ,      »• 


109 


I    ' 


I 


lit 


I 


SET  v.— REMARKS. 


REMARKS. 


In  the  followir>  set  we  have  illustrated  a  practical  method  of  keeping  the  accounts  of 
an  Importing  and  Jobbing  business.  The  particular  feature  in  this  set  consists  of  the 
manner  and  form  of  original  entries,  which  are  made  in  separate  books,  elsewhere  used 
as  auxiliaries — from  which  they  are  either  journalized,  or  passed  directly  to  the  Ledger  at 
stated  periods.  This  method  has  many  advantages  over  consecutive  entries  in  the  Day- 
Book,  and  in  one  form  or  other,  is  adopted  generally  in  all  large  establishments.  The 
labors  of  the  book-keeper  are  thus  divided  up,  and  the  separate  departments  of  the 
business  receive  such  special  record  as  to  present  all  the  facts  in  their  clearest  light 
Thus,  if  any  particular  information  is  desired  respecting  purchases,  all  the  facts  can  be 
shown  at  once  from  the  Invoice  Book;  and,  in  the  same  manner,  the  fact  and  condition 
of  the  sales  can  be  shown  from  the  Sales-Book,  the  receipts  and  disbursements  of  cash 
from  the  Cash-Book,  etc. 

In  the  previous  sets  these  books  are  represented,  but  they  are  used  only  as  auxiliaries, 
the  entries  of  the  business  being  made  in  the  other  books  without  reference  to  them. 
This  plan,  it  will  be  evident,  although  possessing  some  merits,  involves  a  large  amount  of 
unnecessary  labor,  which  would  prove  a  great  objection  in  extensive  business.  The  special 
books  themselves,  however,  are  so  essential  to  every  well-regulated  business,  that  they 
would  receive  favor,  even  at  the  expense  of  this  additional  labor.  If,  therefore,  they  can 
be  used  without  additional  labor,  and  even  at  a  reduction  of  labor,  it  would  seem  that  no 
farther  argument  would  be  needed  to  secure  their  adoption. 

The  only  diflSculty  in  the  way  of  using  special  books  for  original  entries  lies  in  the 
danger  of  making  the  entries  in  the  diflferent  books  conflict  with  each  other  upon  the 
Ledger.  For  example :  if  a  Cash-Book  is  used,  it  should  be  competent  to  show  all  receipts 
and  disbursements  of  cash  ;  this  purpose  is  easily  effected  by  placing  the  receipts  on  one 
side,  and  the  disbursements  on  the  other — the  difference,  of  course,  being,  at  any  time, 
the  amount  on  hand.  But  this  does  not  cover  the  entire  utility  of  the  Cash-Book  ;  at 
the  same  time  that  cash  received  is  entered  upon  the  debit  side  of  the  Cash-Book,  the  object 
or  cause /or  which  it  is  received  may  also  be  stated;  in  which  case  a  double  entry  is 
effected,  although  but  one  amount  shown.  The  same  principle  will  hold  in  entering  the 
disbursements  of  cash ;  as,  when  cash  is  paid,  the  object  or  cause  for  which  it  is  paid  is 
properly  expressed.  The  appropriate  caption  for  the  debit  side  of  the  Casli-Book,  then, 
would  be  "Cash  Dr.  To  Sundries ;''  the  debit  of  cash  being  the  total  amount  received  at 
any  specified  time,  and  the  credit  of  sundries  being  the  separate  amounts  produced  by  the 
different  causes  represented  ;  and,  on  the  other  hand,  the  caption  for  the  credit  side  would 
be  "Sundries  Dr.  to  Cash,"  cash  being  credited  for  the  total  disbursement  as  shown,  and 
the  sundry  causes  for  which  cash  was  paid  debited  for  their  sepanite  amounts.  It  will  thus 
be  seen  that  the  debit  side  of  the  Cash-Book  contains  the  credits  of  all  accounts  for  which 
cash  is  received ;  and  the  credit  side,  the  debits  of  all  accounts  for  which  cash  is  paid. 

Upon  the  same  principle  the  Invoice-Book,  which  sustains  the  same  relation  to  mer- 
chandise that  the  debit  side  of  the  Cash-Book  does  to  cash,  while  it  shows,  in  total,  the 
entire  cost  of  merchandise,  will  also  exhibit  the  separate  credits  opposing  merchandise  ; 
and  the  Sales-Book,  which  sustains  the  same  relation  to  merchandise  that  the  credit  side 
of  the  Cash-Book  does  to  cash,  while  it  shows,  in  total,  the  proceeds  of  merchandise, 
exhibits  also  the  separate  debits  produced  by  the  sales.  The  diflficulty  of  which  we  have 
spoken  will  now  be  apparent ;  as,  in  every  case  involving  any  two  of  these  books,  the 
tendency  will  be  to  debit  and  credit  the  same  accounts  twice — effecting  thus  a  double 
entry  not  contemplated  by  projectors  of  the  science,  and  of  course  not  warranted  by  the 

110 


SET  v.— REMARKS. 


facts  in  the  case.  Thus,  all  cash  receipts  being  entered,  at  specified  periods,  in  total,  from 
the  debit  side  of  the  Cash-Book,  and  all  cash  disbursements  from  the  credit  side,  it  would 
be  erroneous  to  enter  cash  from  any  other  book ;  and  the  same  theory  will  apply  with 
equal  force  to  the  Invoice  and  Sales-Books. 

If,  therefore,  the  peculiar  rights  of  each  of  these  books  be  respected,  viz. :  permitting  all 
cash  entries  to  be  taken  to  the  Ledger  from  the  Cash-Book,  and  all  purchases  and  sales  of 
merchandise  from  the  Invoice  and  Sales-Book,  it  would  preclude  the  entering  of  cash  in 
the  Invoice  or  Sales-Book,  and  also  of  merchandise  in  the  Cash-Book.  Take  a  single 
example :  Suppose  the  entry  to  be  "  Cash  Dr.  To  Merchandise."  All  cash  receipts  must 
appear  on  the  debit  side  of  the  Cash-Book,  and  the  entry  on  that  book  would  be  "  To 
Merchandise,"  extending  the  amount  into  the  debit  column.  When  the  Cash-Book  is 
posted,  this  amount  will,  of  course,  be  included  in  the  total  cash  debit,  and  must  comprise 
one  of  the  opposite,  or  credit  entries.  So  cash  would  be  debited  and  merchandise  credited 
both  from  the  Cash-Book.  Again,  all  sales  of  merchandise  must  be  entered  in  the  Sales- 
Book,  and  when  entered  the  corresponding  debit — in  this  case.  Cash — must  also  be 
expressed.  When  the  Sales-Book  is  posted,  the  total  for  which  merchandise  is  credited 
will  include  this  amount  (already  entered  and  posted  from  the  Cash-Book),  to  correspond 
with  which,  and  to  secure  the  necessary  condition  of  equal  debits  and  credits,  cash  must 
again  be  debited.  According  to  this  standard,  therefore,  in  every  case  where  merchandise 
is  either  bought  or  sold  for  cash,  and  the  fact  expressed  through  these  special  books,  this 
error  of  duplicating  debits  and  credits  would  occur. 

To  avoid  this  difficulty — the  only  one  which  stands  in  the  way  of  classified  original 
entries — two  methods  have  been  successfully  used ;  one  of  which  places  the  books  upon  an 
equality,  using  "  neutralizing"  accounts  for  the  conflicting  entries,  and  the  other  acknowl- 
edges the  supremacy  of  some  one  or  more  books,  to  which,  in  all  matters  of  conflict,  the 
others  must  yield.  To  be  more  explicit :  In  the  case  before  instanced,  "  Cash  Dr.  To 
Merchandise."  If  the  Cash-Book  and  Sales-Book  were  upon  an  equality,  the  one  claiming 
to  furnish  all  cash  entries  for  the  Ledger  and  the  other  all  merchandise  sales,  it  would  be 
improper  to  write  Cash  as  a  Ledger  title  in  the  Sales-Book  or  Merchandise  in  the  Cash- 
Book,  for  the  reasons  adduced ;  but  a  neutralizing  account  might  be  opened,  to  take  the 
place  of  cash  in  the  Sales-Book  and  merchandise  in  the  Cash-Book,  thus  receiving  a 
debit  and  credit  of  the  same  amount,  which  would,  of  course,  cancel  it.  Suppose  the 
mercbandiso  to  be  sold  to  A,  for  cash :  In  the  Sales-Book  the  entry  would  be  "  A  "  Dr., 
and  in  the  Cash-Book,  "A"  Cr.  The  result  would  be  the  same  as  if  A  had  purchased  on 
a<3count,  and  subsequently  paid  t'le  amount  in  cash,  thus  closing  his  account.  But  sup- 
pose we  acknowledge  the  supremacy  of  the  Cash-Book  in  all  cases  where  the  two  are 
concerned.  When  merchandise  is  Gold  for  cash,  the  entry  m  the  Cash-Book  will  be  "  Cash 
Dr.  To  Merchandise,"  both  of  which — the  debit  of  cash  and  the  credit  of  merchandise — 
will  go  to  the  Ledger  from  the  Cash-Book.  The  same  entry  can  be  made  in  the  Sales- 
Book,  but  not  posted.  For  this  purpose  a  special  column  may  be  used — as  in  the  following 
examples — which,  at  such  times  as  the  general  result  may  need  to  be  shown,  can  be 
extended  into  the  other  column,  which  in  the  total  footing  will  embrace  all  the  sales. 

Each  of  the  above  methods  lias  its  advantages ;  the  latter,  however,  is  generally  pre- 
ferred as  being  more  brief  and  direct,  and  leading  to  less  confusion. 

The  Invoice  Books,  and  the  Sales-Book  which  follow,  contain  all  purchases  and  sales 
of  merchandise,  with  the  conditions  thereof.  All  sales  and  purchases  not  ?nade  for  cash 
pass  from  these  books  to  the  Ledger ;  all  others,  from  the  Cash-Book. 

The  transactions  of  this  set,  and  most  of  the  forms,  are  taken  from  one  of  the  largest 
Importing  and  Jobbing  Houses  in  New  York,  and  may  be  relied  upon  as  eminently  practical. 

Ill 


'-J. 


^<. 


\ 


II 


SET    v.— ROUTINE. 


ROUTINE. 


That  the  student  may  get  the  full  advantage  of  this  Set,  it  will  be  necessary  that  he  pay  strict  atten- 
tion to  the  routine  of  transactions  given  below.  Let  him  make  the  entries  in  the  different  books  pre- 
cisely in  the  order  given,  I^et  the  invoices  be  copied  with  care,  and  all  the  calculations  and  extensions 
made  by  himself.  Thus  alone  will  the  design  of  the  Set  be  carried  out.  The  exercises  connected  with 
the  Foreign  Invoice  Book,  involving  compound  numbers  and  the  reduction  of  currencies,  are  important. 
In  reducing  sterling  to  federal  currency,  we  have  taken  the  Custom  House  standard  of  $4.8665  to  the 
£  Sterling.  We  have  also  added  to  each  foreign  invoice,  the  duties,  which  being  paid  in  cash,  are  not 
extended  with  the  invoice,  but  posted  from  the  Cash-Book.  In  most  importing  houses,  the  duties  are 
not  extended  in  the  Invoice-Book,  but  only  in  the  Cash-Book.  For  good  reasons,  we  prefer  the  method 
here  adopted. 


ROUTINE    FOR    JULY. 

Jitiy  /. — The  books  are  opened,  as  per  first  Journal  entry.    (Inventory-Book  copied— Cash-Book  com- 
menced with  balance  on  hand  —  Bill-Book  written  up  to  show  the  notes,  receivable  and 

payable,  as  indicated  in  Journal  entry.) Bought  of  C.  F.  Spalding,  on  note  @  4  months, 

Invoice  of  Sheeting,  $553.57  (Dom.  I.  B.— B.  B.) Received  per  steamer  Edinburgh, 

Invoice  of  Jaconets  from  S.  B.  Higgins  &  Co.,    $1259.41;    Paid  duties  in  cash,  $302.26. 

(For.  I.  B. — C.  B.) Bought  of  B.  S.  Olmstead,  for  cash,  Invoice  of  Prints,  etc.,  $1303.76 

(Dom.  I.  B.  —  C.  B.) Sold  Gordon  Bailey,  Buffalo,  on  note  @  8  months,  Invoice  of 

Jaconets,  $891.35  (8.  B.— B.  B.) Sold  Ira  Packard,  Peru,  Ind.,  on  note  @  6  months. 

Invoice  of  Hose  and  Gloves,  $273.52  (S.  B.— B.  B.) Sold  Mdse.  this  day,  per  Petty  Cash- 

Book,  $97.50  (C.  B.) Received  cash  on  %  of  John  Lewis,  $500  (C.  B.). 

J,— Paid  Francis  &  Loutrel  for  Stationery,  $16.75  (C.  B.) -  -  Lent  J.  E.  Jenkins,  for  one  day, 

$1000  (C.  B.) Sold  Mdse.  per  Petty  Cash-Book,  $125  (C.  B.). 

S, — Sold  Hiram  Newell,  Tonawanda,  on  his  note  @  6  months,  Invoice  of  Sheetings,  $697.54 

(S.  B.— B.  B.) Received  of  J.  E.  Jenkins,  return  loan,  $1000  (C.  B.) Paid  cash  for 

Postage  Stamps,  etc.,  $8  (C.  B.) Paid  S.  S.  Packard,  on  private  %,  $100  (C.  B.). 

tf.— Received  cash  of  J.  H.  Lewis,  in  full  of  %,  $1200  (C.  B.) 

7.— Paid  Richard  Real  cash,  in  full  of  %,  $185  (C.  B.). 

,^.— Sold  Mdse.  per  Petty  Cash  Book,  $157  (C.  B.).  « 

/^.—Bought  of  John  Walker  &  Co.,  on  our  note  @  8  months,  Invoice  of  Cotton,  $1006.64  (Dom. 
1.  B. — B.  B.) Received  per  steamer  Manchester,  from  Johnson,  Quigley  &  Co.,  Man- 
chester, Invoice  of  Cotton  and  Silk  Goods,  $222.34  ;  Paid  duties  in  cash,  $44.21  (For.  I.  B.— 

C.  B.) Bought  of  Claflin,  Mellen  &  Co.,  for  cash,  Invoice  of  Prints,  $2312.52  (Dom. 

L  B.  — C.  B.) Sold  W.  P.  Pratt,  Cincinnati,  for  cash,  Invoice  of  Jaconets,  $714.28 

(S.  B.— C.  B.) Sold  Baldwin,  Laundon  &  Co.,  Elyria,  O.,  on  their  note  @  8  months. 

Invoice  of  Shirting,  $869.38  (S.  B.— B.  B.). 

//.—Received  cash  of  W.  Pennel,  in  full  of  %,  $483.50  (C.  B.). 

/.^.— Sold  Charles  Claghom,  Homer,  111.,  Invoice  of  aoths,  $433,12  (S.  B.— C.  B.) Paid  cash 

for  Drayage  and  Porterage,  $55  (C.  B.). 

/4.— Received  cash  in  full  of  John  Gundry's  note,  $1580  (C.  B.— B.  B.). 

/J.— Received  per  steamer  ^tna,  from  A.  &  J.  Bailey,  Bradford,  Invoice  of  Goods,  $247.68 ;  Paid 

duties  in  cash.  $47.06  (For.  I.  B.— C.  B.) Sold  E.  Mussey  &  Co.,  Amherst,  O.,  on  their 

note  @  6  months,  Invoice  of  Shirting,  $923.25  (S.  B.— B.  B.) Sold  Mdse.  for  cash,  as 

per  Petty  Cash-Book,  $115.75  (C.  B.). 

/<?.— S.  S.  Pomroy's  note  discounted,  $1000 :  Discount  off,  $16.93  (C.  B  — B.  B.). 

JSO, — Bought  of  E.  Lambert  &  Co.,  on  our  note  @  8  months,  Invoice  of  Bleached  Shirtings,  $660.73 

(Dom.  I.  B.— B.  B.) Sold  Starr  &  Co.,  Elyria,  0.,  on  their  note  @  6  months.  Invoice  of 

Prints,  $1425.48  (S.  B.— B.  B.) Paid  J.  T.  Calkins,  on  private  %,  $150  (C,  B.). 

112 


SET  v.— EOUTINR 


^/.— Sold  Mdse.  for  cash,  per  Petty  Cash-Book,  $127.50  (C.  B.). 

^^._Sold  M.  Shipley  &  Co.,  Cincinnati,  on  his  note  @  8  months,  Invoice  of  Bleached  Shirting, 
$1460.14  (S.  B.— B.  B.). 

^^._Paid  cash  in  full  of  note,  favor  of  H.  G.  Smith,  $4000  (C.  B.— B.  B.). 

<^J.— Sold  Bidwell  &  Co.,  Adrian,  Michigan,  for  cash.  Invoice  of  Goods,  $400  (S.  B.— C.  B.) 

Starr  &  Co.'s  note  discounted  ;   Face  of  note,  $1425.48.     Discount  off,  $50.44  (C.  B.— B.  B.) 

Received  per  steamer  Halifax,    from   S.  T.  Horton,  Glasgow,  Invoice   of  Goods, 

$442.55  ;  Paid  duties  in  cash,  $106.21  (For.  I.  B.— C.  B.) Bought  of  A.  T.  Stewart  & 

Co.,  for  cash,  Invoice  of  Prints,  $893.63  (Dom.  I.  B.— C.  B.) Paid  clerk  hire  in  cash, 

$65  (C.  B.). 
^7._Sold  Mdse.  for  cash,  as  per  Petty  Cash-Book,  $275  (C.  B.). 
^^._Sold  E.  C.  Packard,  Crystal  Lake,  Wis.,  on  his  note  @  8  months,  Invoice  of  Goods,  $171.04 

(S.  B.— B.  B.). 
^.9.— Paid  D.  V.  Bell,  on  private  %,  $175  (C.  B.). 
SO,—^o]d  Mdse.,  as  per  Petty  Cash-Book,  $83  (C.  B.). 
,J/.— Received  cash  of  R.  Barker,  in  full  of  %,  $1000. 


-.1 


'.■>  ■> 


'i*>TS..l 


Au^.  /.— 
6.— 


6. 

7.- 
8,- 

/(?.— 


/7.- 
20. 


2S.- 

25,- 


27^- 

28.' 
30.- 
Sf. 


ROUTINE    FOR    AUGUST. 

Sold  0.  C.  &  E.  C.  Wright,  Lockport,  N.  Y.,  on  their  note  @  6  months.  Invoice  of  Goods, 

$1432.89  (S.  B.— B.  B.) Paid  cash  for  Drayage  and  Porterage,  $17.50  (C.  B.). 

Lent  J.  H.  Tobitt,  $500  (C.  B.). 

■Sold  C.  R.  Caulkins,  Delaware,  0.,  for  cash,  Invoice  of  Prints,  $739.63  (S.  B.— C.  B.) 

Sold  Mdse.,  as  per  Petty  Cash-Book,  $89.27  (C.  B.). 

Discounted  our  Note,  favor  of  Geo.  A.  Crocker;   face  of  note,  $1426.     Discount  off,  $19.41 

(C.  B.— B.  B.) Sold  D.  S.  Hoadley,  Berlin,  O.,  on  his  note  @  8  mos.,  Invoice  of  Goods, 

$527  (S.  B.— B.  B.). 

O.  C.  &  E.  C.  Wright's  note  discounted  ;  face  of  note,  $1432.89.    Discount  off,  $49.60  (C.  B.). 

Sold  Mdse.,  as  per  Petty  Cash-Book,  $150  (C.^B ). 

■Sold  J.  D.  Hinde  &  Co.,  Cincinnati,  on  their  note  @  8  months.  Invoice  of  Mdse ,  $752.57 

(S.  B.-B.  B.). 

Received  per  steamer  Australia,  from  Wm.  Thornton  &  Co.,  Bradford,  Invoice  of  Goods, 

$1462  61.     Duties  paid  in  cash,  $277.89  (For.   L  B.— C.  B.) Sold  Geo.  A.  Crocker. 

Rochester,  for  cash.  Invoice  of  Prints,  $912.75  (S.  B.— C.  B.) Bought  of  Wilson  G.  Hunt, 

on  our  note  @  8  months,  Invoice  of  Cloths,  ^708.40  (D.  I.  B.— B.  B.). 

-Sold  Mdse.,  as  per  Petty  Cash-Book,  $218.50  (C.  B.) Paid  cash  for  Drayage,  $100  (C.B.). 

-Sold  W.  H  Woodbury,  Chicago.  111.,  on  his  note  @  8  months,  Invoice  of  Goods,  $908.29 

(S.  B.— B.  B.) Paid  J.  C.  Bryant  cash  on  private  %,  $150. 

Sold  C.  C.  Jones,  Peoria,  IH.,  on  his  note  @  6  months.  Invoice  of  Goods,  $945.94  (S.  B.— B.  B.) 

Sold  Mdse.,  as  per  Petty  Cash-Book,  $375  (C.  B.). 

-Received,  per  steamer  Lebanon,  from  J.  Muir  &  Sons,  Manchester,  Invoice  of  Goods,  $189.65. 

Paid  duties  in  cash  $45.52  (For.  I.  B.— C.  B.) Bought  of  Arnold  &  Constable,  on  our 

note  @  8  months,  Invoice  of  Cloths,  $1926.14  (Dom.  I.  3.— B.  B.) Bought  of  Grinnell 

&  Mintum,  for  cash,  Invoice  of  Goods,  $1492  5S  (Dom.  I.  B.-C.  B.) Sold  Paul  Roberts, 

Buffalo,  for  cash.  Invoice  of  Goods,  $923.40  (S.  B.— C.  B.). 
-Sold  Mdse ,  as  per  Petty  Cash-Book,  $175  (C.  B.). 

■Sold  M.  Tompkins  k  Co.,  Lasalle,  HI.,  for  cash.  Invoice  of  Gloves.  $460.75  (S.  B.— C.  B.) 

C.  C.  Jones'  note  discounted  ;  face  of  note,  $945.94.     Discount  off,  $82.19  (C.  B.) Paid 

Postage,  Porterage,  etc.,  in  cash,  $13  (C.  B.)  -  -     -  -  Sold  C.  J.  Dietrich,  Bellefontaine,  Ind.,  on 

his  note  @  8  months.  Invoice  of  Goods,  $402.50  (S.  B.— B.  B.) Sold  Baldwin  &  Co., 

Cleveland,  on  their  note  @  8  months,  Invoice  of  Prints,  $717.47  (S.  B.— B.  B.). 

Sold  Ubsdell  Pierson  &  Co.,  St.  Louis,  on  their  note  @  8  months,  Invoice  of  Mixtures, 

$3303.71  (S.  B.— C.  B.). 

Sold  Raymond  &  Co.,  Cleveland,  on  8  months  note.  Invoice  of  Goods,  ^641.72  (S.  B.— B.  B.). 

•Sold  Jonas  Stratton,  Amherst.  O.,  on  note  (a)  8  months.  Invoice  of  Goods,  $457  (S.  B.— B.  B.). 

Sold  Mdse..  per  Petty  Cash-Book,  $115  (C.  B.) Paid  cash  in  full  of  Drayage  %,  $50.75 

(C.  B.). 

113 


*•-.. 


SET  v.— DOMESTIC  INVOICE  -  BOOK. 


DOMESTIC     INVOICE  -  BOOK. 


\i- 


This  book  contains  copies  of  all  invoices  of  merchandise  purchased  from  importers 
and  others  in  this  country,  with  the  conditions  of  all  such  purchases.  Each  lot  and 
package  is  distinguished  by  some  peculiar  mark,  which  is  transferred  to  the  invoice,  thus 
serving  an  important  purpose  in  checking  the  articles,  adjusting  disputes,  etc. 

I^he  purchases  on  time,  for  which  notes  are  given,  are  passed  to  the  Ledger  from 
this  book ;  those  for  cash,  from  the  Cash-Book. 


fTuly  1,  1881. 


A.  T. 
A.  8. 
X. 

A.  C. 


M. 

C. 
M. 

M. 


13 
14 
16 
18 
90 
14 
16 
18 
90 
16 
18 
90 
93 


596 
587 
861 
841 
411 


1141 
1147 

481 
491 
509 

97 


C.  F.  Spalding  &  Co., 


9  ps.  1(M  Sheeting,      99'      @  55^  -    • 


U  months. 
61.01 


u 
u 


u 
u 

t« 

«4 


993 

91' 

991 

452 

46' 

461 
441 

45> 

46 
453 

453 
46 


60 
65 
70 
75 
65 
70 
76 
80 
75 
80 
90 
96 


55.65 
59.64 
64.58 
34.19 
30.39 
89.38 
33.19 
36.40 
34.50 
36.60 
40  95 
44.16 


Note  ^  4  month?  from  Jaly  5. 


'%- 


B.  S.  Olmstead, 


6  months. 


5  cases  Columbian  Prints, 
9187* 
19183 
1985 

1886' 

1742     9615  yds.,  @  8^ Jess  i^  -    -    -    • 

1  bale  9^  lb.  Black  Wadding,  80  yds.,  @  40^    - 

2  bales  Brown  Qlobe  Drills, 

1039' 

1099  9061»      @7| 

4  cases  Harop  Prints, 
946  1831' 

1969  1581> 

1106  1999 

1S76  17162        5851,  @  gi^,  legg  9>  % 


Less  5  % 


U.  97—1276,  short  34  yds. 


Add  error  in  extending  Harop  Prints 


C.  B. 


Amonnts  forward 


791.18 
19.00 


157.81 


482  91 


1373.25 
68.67 


1304.58 
989 


1301.76 
2.00 


1808.76 


1303 


553 


57 


16 


1303 


76 


553 


57 


lU 


SET  v.— DOMESTIC  INVOICE  -  BOOK. 


Juli/  10,  1881. 


[£1 
794 

800 
834 

704 


a355 
9500 

8615 
9494 
9737 

9024 
7906 
8158 

9699 
199 
938 

493 
388 

9095 


E.  A. 


E. 
D. 


A. 
C. 


E.  N. 
E.  O. 


750 
751 
758 

754 


3899 
5788 
6209 

4187 
5630 
5685 


Amounts  forward 

John  Walker  &  Co.,  smmths. 

40  p».  Duck  Drilling,  14112  (^  17^ 839.96 

40  "  "  13892       18 250.11 

36        Brown     "  14152       25 353.88 

42       W.  B.  Diaper,  2169i        7J 162.69 

Note  (3^  8  months  from  July  10. 

— — // 

Claflin,  Mellen  &  Co  ,  8  months. 

50  ps.  Prints,  1 875   1782 

62  "     813   18313   36133  yds.  @  10^   361.37 

65  "     812   18451 

52  "      817   18031 

54     "      814   18702   5519  "     9|^   524.30 

61     "     816   21121 

59  ''  822   20332 

67     "      879   19963   61422  "     9^   658.83 

66  "     818         19451  ♦'     9^   175.07 

63  *'      890   32492 

60  "      881   2140   48892  "    74^   329.21 

60     ''     824   21641 

89    "     828   90691   49232  "    74^   316.76 

53  "      895         19703  «*     g^   177.87 

8436.91 
Deduct  5% 121.84 

att5.07 
liess  1  pc.  short,  85*  @  7J^,  5  ^  off     -    -         9.55 

C.  B.  2818.52 


2a~ 


Edward  Lambert  &  Co., 

4  cases  4-4  Bleached  Shirting, 
40  17822 

40  1736 

40  1756 

40  17312         0955  yds.  ®  9kf. 

Note  (§^  8  months  from  July  20. 


8  months. 


^5- 


A.  T.  Stewart  &  Co., 
52  Prints,  %  978 


52 
53 

61 
49 
49 


965 
967 

973 
968 
971 


1868 
1884 
18951      55871  yds.  ®  8# 


19242 
19542 
1929 


5808  @8J^ 


446.96 


493.68 


Discount  off  5  % 


940.66 
47.08 


C.  B, 


898.63 


Purchases  on  time  (taken  to  Ledger) 
Cash  Purchases  (entered  from  C.  B.) 

Total  for  the  month • 


115 


1303 


76 


553 


57 


1006 


64 


:\ 


2312 


52 


660 


73 


883 


63 


2220 
4509 

6730 


94 
91 

85 


I» 


:l 


SET  v.— DOMESTIC  INVOICE  -  BOOK. 
NEW  YORK,  August  10,  1881. 


\i- 


A. 


H.M.C. 
A. 


K7*  M.« 

D. 


H.  M. 
C.  D. 


i 


1877 
1881 
1896 
1915 
1903 
1737 
1775 
1823 
1834 
1815 
1906 
1913 


733 

734 
735 

539 

540 

169 

170 
171 
172 
173 

492 

500 

501 


WiLBON  G.  Hunt,  s  mmtha. 

82  ps.  3-4  Doeskin, 

$163  728  281  « 163  899J  22| 

870  29  748  29 

754  885  894  28J 

864  28i  835  28} 

860  2»|  834  28| 

756  2»i  729  28* 

759  2^  861  28 

750  271  233  28i 

823  29^  716  274 

J162  554  28|  805  29| 

163  833  28J  809|  21|  =  616  yds.,  @  f  M5 

Kote  ^  8  months  from  August  10. 

^0 

Abnold  &  Constable,  lomontfu. 

80  Belgian  Cass.,  1091 

80  "  1178» 

80  "  1187 

88  **  1094' 

HO  "  1151» 

83  World's  Fair,  1268 

80  "  1168  _ 

88  '•  1279» 

83  "  1261» 

80  *•  1147 

80  Sebastopol  Checks,  1168' 

87  "  "  12452  =  14191  yds.,  @  lS\<f,  1915.78 

Cooperage    ---- 3,00 

1918.78 
Add  TT  yds.,  @  13|^,      10.39 
Less  Frei^t,  8.08 7^ 

Kote  (^  8  months. 

— ff 

GRINNELL  &  MiNTURN,  8  months. 

12403 

12392     "  Springfield," 
12343 

1208 

1233 
4  cases  4^  Bleached  Sheeting,  6156  yds.,  ®  10^^  •  •  646 .  33 

12022 

ligT' 
1223» 
11711 
12122 

1239 

1254 
1234 

8  cases  38  in.  Bleached  Sheeting,  9734^  yds.,  ®  9J^    •  _®la5 

1571.13 
Discount  off  6  % 78.55 

C.  B. 

Purchases  on  time  (taken  to  Ledger) 

Cash  Purchases  (posted  from  Cash-Book)  -    -    -    • 
Total  for  the  month -    •     • 


1492 


58 


708 


1926 


2634 
1492 


40 


14 


54 

58 


4127 


12 


116 


P.  B 

&Co. 


a 

206 
906 
207 
206 

209 

210 

911 
912 


71 


46 

46 

1 

6 

6 

62 

120 

66 

68 

100 

101 


SET  v.— FOEEION  INVOICE  -  BOOK. 

FOREIGN     INVOICE-  BOOK.* 

NEW  YORK,  July  1,  1881. 

Sterling  Curren<fy. 


Federal  Currency. 


S.  B.  HiGGiNS  &  Co.,  Glasgow, 

per  Steamer  "Edinburgh,"  June  3, 1881. 
50  pB.  9-8  prhited  Jaconets,  2572  yds.  -    -    -  ©4|d. 
Making  up,  Casing,  etc.    ------ 

60  ps.  9-8  printed  Jaconets,  25402  yds.      .    .  @4^d. 

Making  up,  Casing,  etc. 

50  ps.  9-8  printed  Jaconets,  25612  yds.     .    .  ^^d. 
Making  up,  Casing,  etc.    -----    - 

60  ps.  9-8 10  B.  and  W.  Jaconets     -    -    -    @  5«.  5d. 
11132344941 
21      22i    23     24      24i     25      25J    26     26i    27 
Making  up.  Casing,  etc. 

68  ps,  9-8 10  B.  and  W.  Jaconets     -  -    -    @6s.  5<i. 

2       2      42  5       6       1 

28i    24     25  25J    26     26J 

Making  up,  Casing,  etc. 

66  ps.  9-2 120"  B,  and  W.  Jaconets  -  -    -    @  7».  8<f. 

1       1       4  88     11       I 

18^    23      24  25      25*     26 

Making  up.  Casing,  etc. 

66  ps.  9-2  1200  B.  and  W,  Jaconets  -    -    -    ®  7«.  3rf. 
Making  up.  Casing,  etc. 

54  ps.  9-8 1400  printed  Jaconets  -    -    -    -    ®  8*.  9<f. 
1188849111 
14J    23      24     24}     25      25i    26     27     83 
Making  up,  Casing,  etc. 

Discount  off,  li^ 

Cartage 

B.  L.,  etc. 

Commission,  1^  % 

C.  B.        Duties,  34%— Paid  in  Cash 

-—10 

Johnson,  Qihglet  &  Co.,  Manchester, 
per  Str.  ''Manchester"  June  4,  1881. 
25  doz.  Ladies'  White  Cotton  Hose,  (^  2».    9d. 

29    "         "  *'  "  2*.  lOd. 

1  "         "       Pearl  Spun  Silk  Hose,  SJ,     20«. 

J  i(      4i        ««      ♦»        ♦'        9,     ao». 

4  "         "       Black    "          "  9,       19«- 

2  »  "  Peart  '*  "  9^  53«. 
\  "  Men's  Novi  Silk  Shirts,  89». 
1  «.  4*  *'  "  60*. 
I  ((  ii  "  •«  66«. 
J  i(         u            <>            <«  68t. 

8  doz.  Ladies'  Lisle  Gauntlets,  11«.    6rf. 

5  (I         »'  "  "  12».    6d. 
5    a          tt            ««             w  22«. 

Inland  Carriage 

Cases,  Oil  Cloth,  etc. 

Commission,  li%  ------- 

Duties,  24  r^  on  Cotton  and  15%  on  Silk— 
C  jl.  Paid  in  Cash. 

Amounts  forward 


50 
1 


SO 
1 


60 
1 


16 


15 


20 


20 
1 


23 


«. 


18 
11 


5 
11 

Is 

10 


4 


14 


6 


6 
8 

T2 


8 


3 


3 
3 
4 
1 
1 
3 
5 

2 
2 
8 
4 
3 
5 


2 

5 
14 


4S 


16 

6 
19 
10 
15 

2 
12 

2 
10 

2 
18 

18 


d. 


11 
0 


2 


6 


9 
2 


6 


10 
6 

6 


51 
S2 

17 

16 

21 
21 


94 

256 
8 


954 

4 
258 


9 

16 

4 


17 

9 
9 


15 

IT 

17 


13 

2 
16 


10 

4 
4 


6 

"4 

7 


1 
Ml 


45 


13 


9 


•  Copies  of  Foreign  Invoices,  with  Import  Duties  added. 

117 


^ 


909 


44 


846 


96 


12S9 


21 


47 


41 


222 


1481 


34 


75 


r!t] 


i 

ill 


SET  v.— FOREIGN  INVOICE  -  BOOK. 


NEW  YOBK,  July 


15,  1881. 

Sterling  Current^. 


Federal  Current^. 


SET  v.— SALES  -  BOOK. 


SALES-BOOK. 


p.  B. 

JkCo. 


P.  B. 

A  Co. 

5J0 


P.  B. 

ikCk*. 


54 


TO 


P.  B. 

JkCa 


ao 

St 

as 

83 
34 

ss 


674 


Amounts  forward      ....... 

A.  &  J.  Bailey,  Bradford, 

per  Steamer  **  Mrm,"  June  15, 1881. 

60J  Lavellas  assorted,  8028^ (^  8|</. 

Making  up,  Casing,  etc. 

Discount  1^% 

Carriage  to  Liverpool 

C.  B.  Duties,  19%— Paid  in  Casli. 

^  

S.  T.  HoRTON,  Olmgow, 

per  Steamer  " Halifax"  June  20,  1881. 

400  9-8  14""  Robes  a  Les,  10  yds.  each      -    -    4«.  6rf. 
Off  a6  ps.  No.  1,  9«.,  and  IJ^  £1  7s.  -    - 

Card,  48.,  Box,  17».,  Com.  etc.,  £1  12«.    • 
Cartage .... 

C.  B.  Duties,  84% -Paid  in  Cash      -    -    - 

Total  Imports  for  the  month    .    •    . 
Duties  on  the  same 


August  10 

William  Thornton  &  Co.,  Bradford, 
per  Str.  "*  Australia,"  July  1,  1881. 

eO|  Mohair  Mixtures,  2996 ^  Z\d. 

Case,  Pkg.,  etc.,  14«.,  Com.,  19».  6d.   -    - 

80J  Bye  Cloths,  assorted,  2969 @  3rf 

Case,  Pkg.,  etc.,  13«.,  Com.,  18».  6rf.    -    - 

•OJ  Bye  Cloths,  assorted,  2973 ©  8rf. 

Case,  Pkg.,  etc.,  13«.,  Com.,  18«.  Id.    -    - 

W|  Bye  Cloths,  assorted,  2965 @  8rf. 

Case,  Pkg.,  etc.,  13».,  Com.,  18».  6d.    -    - 

tOf  ^e  Cloths,  assorted,  2966 %M. 

Case,  Pkg.,  etc.,  13».,  Com.,  18«.  6d.   -    - 

eOf  Bye  Cloths,  assorted,  29^3 @3rf. 

Case,  Pkg,,  etc.,  13».,  Com.,  18».  6d.    -    - 

603  Fine  Mohair  Mixtures,  28772      ....  @  5irf. 
Case,  Pkg.,  etc.,  12*.  6d.,  Com.,  2St8.  llrf  - 

1>%  discount     -------- 

Carriage  to  Liverpool 

C,  B.  Duties,  19%— Paid  in  Cash      -    -    . 

20 

Jambs  Muir  &  Sons,  Manchester, 

per  Str.  '' Ldmnoriy"  July  10,  1881. 

25  ps.  White  Pioues,  324  yds.       -    -    -    .    @  2*.  4tf. 
Discount  off 

Charges,  Commission,  etc.  .... 
C.  B.  Duties,  24%— Paid  in  Cash      -    -    - 

Total  imports  for  the  month    ... 
Duties  on  same  -• 

Total  costs  of  imports  -    .    -    • 


118 


48 
2 


51 
50 


90 
1 


88 
2 


89 
1 


87 
1 


87 
1 


87 
1 


87 
1 


87 
1 


66 


87 


87 
1 


17 
6 


4 

12 


11 
6 


0 
16 


4 
18 


0 
13 

2 
11 


8 
11 


1 
11 


1 
11 


1 
11 


18 
5 


16 
9 


6 
12 


11 
10 


10 


11 


0 
_0 

0 
0 


8 

6. 

8 
_6 

8 

_7 

8 
A 

6 
6 


4 

6 


10 
5 


0 
2 


10 


60 


90 
0 


90 


17 


17 
1 


18 


40 
88 
88 

88 
88 
88 

_^ 

802 
_8 

896 
_2^ 

800 


88 


13 
13 
14 
12 
18 
12 


5 

9 
A 
10 


19 


d. 


11 


0 

_9_ 
9 


8 
9 

10 
9 
0 

10 
8 


1 

X 

6 
5 


11 


$ 

846 


47 


47 


0(S 


106 


499 


21 


74 


$ 

1481 


247 


75 


68 


This  book  contains  all  the  regular  sales,  either  for  cash  or  on  time ;  the  cash  sales 
being  extended  in  the  inner  column,  are,  of  course,  not  included  in  the  amount  for 
which  merchandise  is  credited  from  the  Sales- Book.  These  sales,  together  with  the 
petty  sales  not  entered  on  the  Sales-Book,  are  posted  from  the  Caeh-Book.  The  total 
credit  of  the  Merchandise  account  for  the  month  will  agree,  in  amount,  with  the 
monthly  recapitulation  in  the  Sales-Book. 

NEW  YORK,  July  1,  1881. 


442 


277 


46 


888 


89 


58 

41 


2171 
499 


8671 


a 


55 

96 

78 


I.  P. 


1462 


189 


1663 
888 


1975 


B 


61 


65 

26 
41 

67 


306 
306 
309 
310 


71 


46 

46 

1 

6 

100 

101 

15 


13 
14 
16 
18 
30 
14 
16 
18 
30 
16 
18 
30 
33 


806 
807 


Gordon  Bailey, 


Buffalo,  N.  T. 


60  ps.  9-8  Printed  Jaconets,  2572  yds.,  @  15^ 

60  ps.  9-8  10  B.  &  W.     "  15C92        "       10^ 

58  ps.  "  "  1455         "      10^ 

66  ps.  "  "  1394         "      13^ 

Note  @  8  months  from  July  1. 


$385.80 
150.95 
145.50 
209.10 


// 


Ira  Packard, 


25  doz.  Ladies'  White  Cotton  Hose,  @^  $1 
20  "  " 

29  "  " 

1  doz.  Pearl  Spun  Silk  Hose,  8} 

1  "  "  9 

4  doz.  Black  "  9 

2  doz.  Pearl  " 
8  doz.  Ladies*  Lisle  Gauntlets, 

5  "  " 

6  "  " 

Note  @  6  months  from  July  1. 


Peru,  Lid. 

'    -  $25.00 

1.25      -    -  85.00 

1.13      -    -  88.77 

800 

8.00 

-  80  00 

-  40.00 

-  86.00 

-  23.75 

-  45.00 


@$  7.50 

20.00 

4.50 

4.75 

9.00 


/} 


Hiram  Newell, 


Tonawanda,  N.  T. 


2  ps.  10-4  Sheeting,  92J  yds.  @  70^ 


2  "  "  92| 

2  '•  •'  91| 

2  "  •*  92J 

45i 
50i 
46i 
44^ 
45^ 
46 
45| 
45^ 
45| 

Note  (§^  6  months  from  July  5. 


11-4 

i4 
l( 
Ik 

12-4 


(( 
(I 


it 


75^     - 
80^     - 

m  - 

90^  - 

S4«i  - 

900  - 

95<^  - 

$1      - 
950     - 

51       - 

$1.15 

$1.25 


$64.93 
69.56 
78.40 
78.41 
40.95 
42.17 
41.62 
43.04 
45.50 
43.70 
45.75 
68.83 
67.19 


10 


W.  P.  Pratt  &  Co., 


Cincinnati,  0. 


50  ps.  Printed  Jaconets,  2540|  yds.,  @  140 
50  "  "  2561J       "       140 

Received  Cash. 

Amoimts  forward 


$355.67 
358.61 


119 


714 


714 


28 


28 


891 


273 


697 


1862 


35 


52 


54 


41 


T*..,.; 


li 


if 


SET  v.— SALES  -  BOOK. 


yEW  YORK,  Jul!/  10,  1881. 


SET  v.— SALES  -  BOOK. 


NEW  YORK,  July  25,  1881. 


B.L.AO0. 


Amounts  forward 


Baldwin,  Laundon  &  Co., 

4  cai>es  Bleached  Shirting, 

Jf  730  40  17321 

751  40  1736 

798  1745^ 

754  40  17412 

Kote  ®  8  months  from  July  10. 


Myria,  0. 


6955  yds. 


<a^n\$ 


W 
i* 


C  M. 

E.  A. 
£.  A. 

D.  C. 

R  N. 

E.  O. 


12- 


CnARLES  Claghorn  &  Co., 

10  ps.  Black  Doeskin, 

1163  728 
870 
754 
864 
860 
755 
759 
750 
832 
833 


Homer t  III. 


281 

29 

281 

285 
28^ 
281 
295 
291 
28^ 
29i 


288-:  yds. 


©$1.50 


Received  Cash. 


15- 


E.  MUSSEY  &  Co., 


Amherst,  0. 


733 
7^ 
733 
533 
640 


5  cases  Bleached  Shirting, 

1240^ 

1239 

1234» 

1206 

1233  6155  yds. 

^ote  @  8  months. 


@15^ 


^0- 


3892 
5788 
6202 

4187 
56-30 
56S5 


Starr  &  Co., 


Elyria,  0. 


62  Prints,  973 


62 
53 

51 

49 
49 


965 
967 

972 

968 
971 


1858 
1834 
1©5       5587  yds.  ©12^  -    -    $670.44 

19242 

1954 

19292      5908  yds.  @  13^  -    -    $755.04 


169 
170 

in 

173 


Note  %  6  months. 


22 

Murray  Shipley  &  Co., 

8  cases  83 in.  Bleached  Shirting, 
12082  12122 

11971  1.239 

1223^  1254 

1171'  1234       9734iyds. 

Note  %  8  months. 

Amounts  forward 


Cincinnati,  0. 


®15^ 


714 


28 


438 


1862 


869 


12 


>  J 


41 


38 


674 


H.  M. 
&   X. 


1147 


40 


928 


25 


1425 


1460 


6540 


48 


14 


66 


14 

16 
17 


62 
231 


9356 
9500 
9096 


231 

19 


B. 

1066 


Amounts  forward 

BiDWELL  &  Co.,  Adrian,  Mich. 

200  9-8  1400  Robes  a  Les  (10  yds.),  ®  $2.00 

Received  Cash. 

2S 

Edwin  C.  Packard,  Crystal  Lake,  Wis. 

6  White  Piques,  119^  @  75^ $89.44 

2  "  37-*,  @80^ 30.20 

4  "  641,  ©80^ 61.40 

Note  @,  8  months  from  date. 

Sales  on  time 

Sales  for  cash,  entered  herein  but  posted  from  C.  B.     -    - 
Petty  sales,  entered  alone  on  C.  B.     - 

Total  sales  for  the  month      ---.-.- 


-August  1 


O.  C.  &  E.  C.  Wright, 


Lockport,  N.  T. 


1  bale  Brown  Sheeting,  5632  yds.,  @  14^ 


50  doz.  Gents'  Linen  Hdkff>., 
1  case  Cotton  Damask,   540  yds., 

16  pes.  Blk.  Bombazine,  568  yds.. 
1  case  Silesia,  2200  yds. 

Note  @  6  months. 


3 


@$5  - 
@20^  - 
@$1.25 
@13^   - 


$  78.89 
2."30.00 
108.00 
710.00 
286.00 


C.  R.  Caulkins, 


Delaware,  0. 


$542.06 
236.49 


50  ps.  Prints,  875   1782 

SO    "      813   18313  36133  yds.,  @  15^ 

68    •'      825       19703    "   12^ 

778.55 
5  ;^  off 38.92 

Received  Cash. 


5 


David  S.  Hoadley, 

10  pes.  Black  Bombazine,  350  yds.,  (^  $1.10 
20  pes.  Duck,  710         "  20^ 

Note  ®  8  months. 


8 


Berlin,  0. 

-    -    SS35.C0 
-      142.00 


J.  D.  HiNDE  &  Co., 


Cincinnati,  0. 


1  bale  Stark  Brown  Sheetings,  829  yds.,  @  10^  -  $  82.90 

1  bale  4-4  Shaker  Flannel,          8372       "      50^  -  168.75 

12  pes.  Green  Veil  Barege,           200        "      85^  -  70.00 

1  case  Solid  Check  Ginghams,  2394        "      180  -  430.92 

Note  ®  8  months. 


120 


Amounts  forward 


121 


ii 


1147 


400 


40 


6540 


66 


1547 
980 


40 
75 


171 

6711 

2528 
9239 


04 

70 

15 

85 


1432 


89 


739 


63 


527 


739  63 


752 


2712 


57 
46 


h' 


A.  T. 

A.  S. 

X. 

A.  C. 


' 


lBp. 


A.  B. 


SET  V.-SALES  -  BOOK. 


NEW  YORK^  August  10,  1881, 


M. 

481 

C. 

491 

M. 

509 

M. 

97 

596 

587 
351 
341 
411 


8 

197 

19 


Geo.  a.  Crocker, 


Amotmts  forward - 

Rochester,  N.  T. 


5  ca^es  Colambian  Priote, 
968  21302 

959  19133 

1935 
18863 

1742       9608  yds.,  @  10^  -    -    -    $960.80 
5  %  off _48J)6. 

Bcceived  Cash. 


15 


Wm.  H.  Woodbury, 


Chicago,  III. 


4  cases  Harop  Prints, 

246  13313 

1262  15813 

1108  1222 

1276  17152      6851  yds.,  @  12^ 

2  bales  Brown  Globe  Drills, 
1141  10323 

1147  1009       20613  yds.,  (^  lOf 

Note  ®  8  months. 


$702.12 


206.11. 


17 


C.  C.  Jones, 


1  case  Paper  Cambrics,  2000  yds.,  (^  10^ 
21  pairs  White  Blankets,  @  $3.63 

17  pes.  Black  Satinet,        409  yds.,  @  75^ 
17  pes.  Dnck,  662  @  20<i 

1  case  Cottonades,  687^         (g^  27^ 

Note  (g^  6  months. 


Peorifi,  III. 

•  -  -  $200.00 

•  -  -  76.23 
'  -  -  851.75 

•  -  -  132  40 

•  -  -  185.56 


-eo 


Paul  Roberts, 


Buffalo,  N.  Y. 


9  cases  Cotton  Damask,  4860  yds.,  (3^  20^   -    -    •    $972.00 

5  %  off 48  60 

Beceived  Cash. 


-£5 


M.  Tompkins  &  Ck)., 


90  doz.  Ladies'  Lisle  Gauntlets,  @,  $5 
5    "        "        Kid  Gloves,        @  $7 


5%  off 


La  Salle,  lU. 

-  •    •    $45000 

-  -    -        85.00 

486.00 

-  -    -        84.26 


Received  Cash. 


// 


C.  J.  Dietrich, 


Belljontdine,  Ind. 


1  case  Linseys,  1266  yds.,  @  20^ 

1  case  Corset  Jeans,  1493       "       10^ 

Note  @  8  months. 

Amounts  forward 


122 


$253.20 
149.80 


739 


012 


63 


75 


2712 


46 


239 


U.P.&Co. 


923 


40 


908 


29 


945 


94 


460 


3036 


75 


53 


402 


4969 


50 


19 


674 


SET  v.— SALES  -  BOOK. 


NEW  YORK,  August  25,  1881, 


8615 
9426 
9737 


29 
30 
81 
32 
33 
34 
35 


18 
19 
90 
54 


62 

120 

66 

68 

211 

212 


Amounts  forward 


Baldwin  &  Co., 

55  ps.  Prints,     812 
52        "  817 

54        "  814 

Note  @  8  months. 


Cleveland,  0. 


18451 
1808^ 
1870^      5519  yds.,  (^  13^ 


■27- 


t^BSDELL,  PiERSON  &  Co., 

60|  ps.  Mohair  Mixtures, 

60: 

60J  "  '* 

60^  "  " 

605  "  «i 

60|  "  " 


2996,  @  15^ 
2969,  @  14^ 
2973,  @  14^ 
2966,  Q  14^ 
2966,  @  14^ 
29652,  @  14<f 


60S  ps  Fine  M.  Mixtures,     28772,  @  27^ 
Note  ®  8  months. 


St.  Louis. 


$449.40 
415.66 
416.22 
415.10 
415.24 
415.17 
776.92 


■28- 


Ratmond  &  Co., 


Cleveland,  O. 


4  ps.  White  Piques,    75',  @  $1.00  - 

1  "  "  15,    @    1.25  - 

8  ps.  Welts,  158,    @    40«'  - 

60|  ps.  Lavelles,        3028>,@    16^  - 


$75.25 
18.75 
63.20 

484.52 


Note  @  8  months. 


-so- 


JONAS  STRATTON, 


Amherst,  0. 


I  doz.  Men's  Nov!  Silk  Shirts,  @  $20 


1 
1 
1 

66 
M 


Printed  Jaconets 

U  M 


25       -  -  - 

80       •  •  ■ 

85       -  •  • 

8       -  .  . 

8  50  -  -  - 


$10 

25 

30 

35 

168 

189 


Note  @  8  months. 


Sales  on  time 

Sales  for  cash,  entered  here  and  posted  from  C.  B. 
Petty  sales,  entered  alone  on  C.  B. 

Total  sales  for  the  month 


123 


3036 


53 


3036 
1132 


53 

77 


4969 


717 


19 


47 


8303  I  71 


641 


4:7 


10089 
4159 


14248 


09 
30 


39 


>:)^ 


m 


^ 


(w^ 


•III 


SET    V. 


This  is  the  most  convenient  form  for  a  Cash-Book  to  be  kept  in  connection  with  a 
general  merchandise  business ;  the  feature  of  special  columns  may  be  extended,  if  desirable. 
It  will  be  seen  that  all  cash  entries,  debit  and  credit,  are  taken  to  the  Ledger,  either  through 
the  Journal  or  directly,  from  this  book,  together  with  all  accounts  producing  or  costing 
cash.    The  amounts  distinguished  as  "per  petty  Cash-Book,"  are  entered  here  from  a  book 


Dr, 


Cash. 


Mdse. 

Sundries. 

Balances. 

1881 

July 

1 

Amonnt  on  hand     -    -    -    - 

6725 

20 

1 

Mdse.    -    -    - 

Sales,  per  petty  Cash-Book    -    - 

97 

50 

1 

V    J.  H.  Lewis    - 

Received  on  % 

500 

3 

Mdsc.    -    -    - 

Sales,  per  petty  Cash-Book     -    - 

135 

5 

f'     Loan     -     -     - 

Return  from  J.  E.  Jenkins     -    -< 

1000 

6 

V     J.  H.  Lewis    - 

Received  in  ftill  of  %     .... 

1200 

• 

8 

Mdse.    -    -    - 

Sales,  per  petty  Cash-Book     -    . 

157 

10 

Mdse.    -     -     - 

Sold  W.  P.  Pratt,  Cin'ti  (S.  B.)    - 

714 

28 

11 

V     W.  Pennel     - 

In  ftill  of  % 

483 

50 

- 

12 

Mdse.    -    -     - 

Sold  C.  Claghom,  Illinois  (S.  B.) 

433 

12 

14 

V     Bills  Rec'ble  - 

John  Gundry's  note  duo     -    •    - 

« 

1580 

15 

Mdse.    -     •    - 

Sales,  per  petty  Cash-Book     -    - 

115 

75 

18    - 

^/     Bills  Rec'ble  - 

S.  S.  Pomeroy's  note  discounted 

1000 

21 

Mdse.    -    -    - 

Sales,  per  petty  Cash-Book    -    - 

127 

50 

25    , 

\^     Bills  Rec'ble  - 

Starr  &  Co  's  note  discounted 

1425 

48 

25 

Mdse.    -    -     - 

Sold  BidweU  &  Co.,  Adrian  (S.  B) 

400 

27 

Mdse.    -     -     - 

Sales,  per  petty  Cash-Book     .    . 

275 

30 

Mdse.    -    -     - 

Sales,  per  petty  Cash-Book    -    - 

83 

81    ^ 

Y     R.  Barker  -    - 

Rec'd  in  full  of  % 

15 

1000 

98 

2528 

8188 

1 

Kdse.  Sales  for  cash      .... 
Total  cash  rec'd  during  month 

Balance  on  hand      -    -    -   . 

2528 

15 
13 

10717 

10717 

13 

17442 

33 

Lug. 

6610 

57 

3 

Mdse.    -    -    - 

Sold  C.  R.  Caulkins,  Del.  (S.  B.)  - 

729 

63 

3 

Mdse.    -    -    - 

Sales,  per  petty  Cash-Book     -    . 

89 

27 

6     i 

f     Interest     -    - 

Discount  on  note  favor  G.  A.  C.  • 

19 

41 

6     t 

f     Bills  Rec'ble  - 

Disc.  0.  C.  &  E.  C.  Wright's  note 

1432 

89 

7 

Mdse.    -    -    - 

Sales,  per  petty  Cash-Book     -    . 

150 

10 

Mdse.    -    -    - 

Sold  Geo.  A.  Crocker,  per  S.  B.  . 

912 

75 

12 

Mdse.    -    -    - 

Sales,  per  petty  Cash-Book     .    - 

218 

50 

17 

Mdse.    -    -    - 

Sales,  per  petty  Cash-Book     -    - 

375 

20 

Mdse.    -    -    - 

Sold  Paul  Roherts,  per  S.  B.  -    - 

923 

40 

23 

Mdse.    -    -    - 

Sales,  per  petty  Cash-Book     .    - 

175 

25    y 

Bills  Rec'ble  - 

Discounted  C.  C.  Jones'  note 

945 

94 

25 

Mdse.    •    .    . 

Sold  M.  Tompkins,  per  S.  B.  -    - 

460 

75 

81 

Mdse.    -    -    . 

Sales,  per  petty  Cash-Book    -    - 

ills 

80 

24 

4159 

2398 

• 

Hdse.  Sales  for  cash      .... 

Total  cash  rec'd  during  month 

- 

4159 

30 
54 

6557 

54 

6557 

13168 

11 

lU 


CASH-BOOK. 


containing  sales  too  insignificant  to  be  entered  on  the  regular  Sales-BooK.  The  column 
headed  "Balances,"  will  be  found  very  convenient  for  the  purposes  for  which  it  is  used. 
The  check-marks,  in  the  column  following  dates,  are  made  to  indicate  that  the  amounts 
opposite  in  the  "Sundries  "  column  have  been  journalized.  Were  these  amounts  posted 
directly  to  the  Ledger,  the  Ledger-page  would  be  written  instead  of  the  check-marks. 


.* 


1881 
July 


Aug. 


Cash. 


1 
1 

3 

3 

5 

5 

7 

10 

10 

12 

15 

18 

20 

23 

25 

25 

25 

25 

29 


: 


V 
V 
V 
V 
V 


V 


V 


1 
2 
5 
6 

10 
12     V 

15|    V 
2 
2< 

25j  V 
25  V 
31     V 


Mdse.    -    -    - 
Mdse.   .    -    . 
Expense    -    . 
Loan     -     -    . 
Expense    -    - 
S.  S.  Packard 
Richard  Beale 
Mdse.   .    .    - 
Mdse.  -    -    w 
Expense    -     - 
Mdse.    -    -    - 
Interest     -     - 
J.  T.  Calkins 
Bills  Payable 
Mdse.   .    .    . 
Mdse.   .    -    .' 
Expense    -     - 
Interest     -    - 
D.  V.  Bell     . 


Expense  -  - 
Loan  -  -  - 
Bills  Payable 
Interest  -  - 
Mdse.  -  •  - 
Expense  -  - 
J.  C.  Bryant  - 
Mdse.  .  -  - 
Mdse.  .  -  - 
Expense  -  - 
Interest  -  - 
Expense    -    - 


Paid  duties,  per  Foreign  I.  B. • 

Olmstead's  Invoice,  per  Dom.  I.  B.    -    -    - 
Francis  &  Loutrels's  stationery  bill  .    -    -    . 

Lent  J.  E.  Jenkins  for  one  day 

Postage  stamps,  $3 ;  Drayage,  $5      .    -    .    . 

Paid  him  on  private  % -    - 

PaM  him  in  fliU  oJT  % 

Duties,  as  per  Foreign  I.  B. 

Claflin,  Mellen  &  Co.'s  Inv.  per  Dom.  I.  B.     • 

Drayage  and  porterage 

Dirties,  as  per  Foreign  I.  B.       

Diacount  dn  Pomeroy's  note 

Onprivat#% 

Note  favor  H.  G.  Smith  due 

Duties,  pef  Foreign  I.  B. 

A.  T.  Stewart  &  Cd.'s  Invoice,  per  Dom.  I.  B. 

Clerk  hire,  $40  ;  $C5 

Discount  on  Starr  &  Co.'s  note 

On  private  % 

Mdse.  purchased  for  cash      ...--_- 

Total  cash  paid  out  during  the  month     -    - 
Balance  on  hand - 


Mdsb. 


Paid  Drayagp,  |10 ;  porterage,  $7.50     -    - 

Lent  J.  H.  Tobitt 

Discounted  note  favor  Geo.  A.  Crocker     - 
Discount  on  O.  C.  &  E.  C.  W.'s  note     -    . 

Duties,  as  per  Foreign  I.  B. 

Paid  drayage,  on  % 

Paid  on  private  %  ...    - 

Duties,  as  per  Foreign  I.  B. 

Bo't  of  Grlnnell,  M,  &  Co.,  per  Dom.  I.  B. 
Porterage,  $6 ;  postage,  $3;  charity,  $5     - 

Discount  on  C.  C.  Jones'  note 

Paid  drayage  in  full 

Ifdse.  purchased  for  cash - 

Total  cash  paid  for  the  month    -    -    .    . 
Balance  on  hand 


802 
1303 


44 
2312 

47 


106 
893 


26 
76 


21 
52 

06 


21 
63 


5009 


65 


277 


45 
1492 


1815 


89 


52 

68 


99 


Or. 


SUITDBIES 


16 

1000 

8 

100 

185 


55 

16 

150 

4000 


65 

60 

176 


5822 


10831 

6610 


17442 


17 

500 

1426 

49 

100 
150 


13 
32 
60 


2339 
1815 


4166 

901S 

13168 


75 


92 


44 


11 


5009  66 


76 

57 


33 


50 


60 


19 

75 


04 
99 


03 

08 

11 


"*.-.. 


rmi 


I 


>• 


125 


...yi^ 


9^i 


w 


HI 


If 


I 


SET  v.— BILL -BOOK. 

The  Bill-book  can  never,  with  advantage,  be  made  a  principal  book,  from  which  to 
post ;  although  some  authors  have  attempted  so  to  use  it.  The  form  presented  below  is 
the  best  for  general  purposes,  although  the  arrangement  in  the  former  exampk  is  more 
comprehensive.  ^  *"w*c 

BILLS    RECEIVABLE. 


No. 

Whin 

DRAWEB  OS 

1 

( 

1 

Rec'j>. 

£nIX)R8ER. 

Drawee  or  Maker. 

Date. 

Tms 

When 

AlfOUNT. 

When  and  How 

— 

Due. 

Disposed  or 

1881 

1881 

1 

Joly  1 

H.  W.  EDsworth  -    - 

John  Gundry .    .    .    . 

Jan.  11 

6  mo. 

July  14 

1580 

00 

July 

14 

Paid. 

S 

"     1 

Daniel  Atwood    •    - 

S.  S.  Pomeroy    .    .    . 

Mar.  12 

8  mo. 

Nov.  15 

1000 

00 

tt 

18 

Discounted. 

8 

"     1 

P.  B.  ACo.      -    -    - 

Gordon  Bailey    -    .    - 

July    1 

8  mo 

1882 
Mar.   4 

891 

35 

4 

"     1 

H.  B.  Bryant    -    -    - 

Ira  Packard    .   .    .    . 

"      1 

6  mo. 

Jan.    4 

273 

62 

6 

"     5    Paul  Roberta  -    -    - 

Hiram  Newell    -    -    . 

'»     5 

6  mo 

"      8 

607 

54 

6 

"   10 

H.  D.  Stratton     -    - 

Baldwin,  L.  «fc  Co.  -    . 

"    10 

8  mo. 

Mar.  13 

809 

38 

7 

*•  15 

P.  B  A  Co.      ... 

E.  Massey  &  Co.     .    - 

"     15 

8  mo. 

"    18 

923 

25 

8 

"  20 

J.  Q.  Reid   .... 

Starr  &  Co.    .    .    .    . 

"    20 

6  ma 

Jan.  23 

1425 

48 

July 

25 

Discounted. 

9 

"   22    Jno.  D.  Hinde     .    . 

Murray,  S.  &  Co.    -    . 

"    22 

8  mo. 

"    25 

1400 

14 

10 

"   28    Wm.  P.  Eaton     -    - 

E.  C.  Packard     .    .    . 

"    28 

8  mo. 

Mar.  31 

171 

04 

11 

Aug.  1 

James  Atwater    >   . 

0.  C.  <fc  E.  C.  Wright . 

Ang.  1 

6  ma 

Feb.    4 

1432 

89 

Aug. 

6 

Discounted. 

U 

"     6 

P.  B.  A  Co.      ... 

David  S.  Hoadley   .    . 

"      5 

8  mo. 

April  8 

687 

00 

18 

"     8 

do.             -    .    - 

J.  D.  Hinde  A  Co.  -    . 

"      8 

8  ma 

"    11 

762 

57 

14 

•*   15 

J.  O.  Eaton      ... 

W.H.  Woodbury   .    . 

"    15 

8  mo. 

••    18 

906 

29 

15 

.»   17 

P.  R&Co.      .    . 

C.  C.  Jones    .... 

"    17 

6  mo. 

Feb.  20 

945 

94 

Aug. 

25 

Discounted. 

16 

"   25 

do.            ... 

C.J.Dietrich     .    -    - 

"    25 

8  mo. 

Apr.  28 

402 

50 

17 

"   25 

do.             -  .    . 

Baldwin  &  Co.    .    -    . 

"    25 

8  ma 

♦•    28 

717 

47 

18 

'♦   27 

do.             ... 

UbsdeU,  P.  &  Co.   -    - 

"    27 

8  ma 

"    80 

8308 

71 

19 

"   28 

do.            ... 

Raymond  &  Co.      -    - 

"    23 

8  mo. 

May    1 

641 

■a 

80 

"   80 

do.            ... 

Jonas  Stratton   .   .    . 

"  ao 

8  mo. 

"     8 

457 

00 

BILLS    PAYABLE. 


No. 


Wh«h 

ISBVEDi 


Drawer  or 
Endorsxr. 


1 
8 

8 

4 

e 

8 


Drawee  or  Maker. 


Jan.  20 1  H.  Q.  Smith  A  Co. 
Mar.  1  j  A.  S.  Prentiss      . 
Apr.  12  j  Geo.  A.  Crocker  . 
July  5 1  C.F.Spalding     . 


«   10 
"   20 

Aug.  10 
•♦   30 


J.  Walker  .  .  - 
E.  Lambert  A  Co. 
W.  G.  Hunt  .  - 
Arnold  A  Constable 


P,  B.  A  Ca 
do. 
do. 
da 

da 
da 
da 
da 


Date. 


TnoB. 


1881 
Jan.  20 1  6  mo. 

-I  Feb.  26    8  mo. 

Apr.  12    6  mo. 

July   5   4  ma 


Whbn 
Dub. 


♦'    10 

*'    20 

Aug.  10 

"    20 


8  ma 
8  mo. 
8  ma 
8  ma 


1881 
July  23 

Oct  29 

Oct  15 

Nov.  8 

1882 
Mar.  13 

♦*    23 

Apr.  13 

"    28 


AMOVHT. 


4000 

8600 

1426 

653 

1006 
660 
706 

1926 


00 
00 
00 
57 

64 
78 
40 
14 


When  and  How 
Disposed  op. 


July 
Aug. 


23 


Paid. 


Discounted. 


126 


INVENTORY     BOOK. 

This  book  is  used  to  enumerate  the  different  articles  of  unsold  merchandise,  at  such 
times  as  may  be  deemed  desirable.  It  is,  in  this  instance,  purely  an  auxiliary,  the  amount 
of  merchandise  on  hand  being  included  in  the  open  journal  entry.  Inventories  are  fre- 
quently copied  into  one  of  the  Invoice  Books;  but  a  separate  book  is  preferable. 

Inventory,  July  1,   1881. 


Marks. 

1 

Nos. 

Hk. 

49 

H.  M. 

!"i 

193 

L.[bjB. 

1 

8 

B. 

Bf. 


B.&X. 


A.  S. 
B. 


1072 
106) 

lit85 

197 


231 
19 

1289 


62 
M. 


190 
4 

3024 


BE.S. 


130 
1066 

4595 


1  case  Prints 

60  pieces  Doeskin 

1  bale  Brown  Sheetings 

1  case  Black  Tabby  Velvet 

1  case  Paper  Cambrics 

21  pairs  White  Blankets 

1  bale  Denims  -         

41  pes.  Blk.  and  Wht.  Tweeds 

3  pes.  Blk.  Doeskin 

21  pes.  Fancy  Cassimeres 

17     "    Blk.  Satinet 

1  case  Printed  Jaconets 

1  "     Woolen  Shawls   -    .    .     .- 

26  pes.  Blk.  Bombasin    -    -    .    .^ 

87    "    Duck ] 

2  bales  Blk.  Waddin<r ^^^ 

110  Robes [ 

1  case  Cottonades 

10  cases  Cotton  Damask 

150  doz.  Gent's  Linen  Hdkfs.  -     -  " 

150  pes.  Diaper 

60J  Blay  Linens    --.-... 

1  case  Delaines 

1    "     Blk.  Alpacas 

1    "     Opera  Flannel 

1    "     D.  Bege      -    -    - 

100  doz.  Men's  Gloves 

140    "    Ladies'  Lisle  Gauntlets 

5  doz.  Ladies'  Kid  Gloves 

1  bale  Stark  Brown  Sheetings 

1    "    4-4  Shaker  Flannel 

12  pes.  Green  Veil  Barege 

1  case  Solid  Check  Ginghams      ..-...., 

25  pes.  Coburga 

1  case  Silesia    -•-----....... 

1     "     Linseys       ..         

1  "  Corset  Jeans 

1  bale  Eagle  Ticks 


Yds. 


1905 

1842 

563« 

796 

2000 

569 
1369' 

70 

5761 

469 

2010 

60 

900 
1392 

80 

687» 
5400 


1931* 

1300 

910 
750 

864 


829 
337« 
200 
2394 
525 
2200 
12668 
17251 
700 


Price. 


.10 

1.35 

.11 

.26» 
.061 
3.43 
.10» 
.25 

.92» 

.60 

.52» 

.123 
4.89 

.87* 

.15 

.22 
1.50 

.22 

.16 
4.50 

.90 

.17 

.25 

.27* 

.37* 

.11 
2.50 
4.46 
6.25 

.08» 

.45 

.29 

.14 

.50 

.091 

.17* 

.06 

.11« 


AMotniT. 


190 

2486 

61 

212 

125 
72 
59 

342 

64 


50 
70 

98 
93 

03 

74 
37 

75 


345  75 

246  23 

251  25 

293  I  40 

787  j  50 

208  80 


17 
165 
154 
864 
675 
135 
328 

325 

250 
281 

95 
250 
624 

31 

70 
151 

58 
835 
262 
203 
221 
103 

80 


60 


68 


11432 


35 

25 
25 
04 

40 
25 
46 
88 

16 
50 
50 
64 
51 
50 


84 


•»>l;jlK 


A.) 


127 


s  • 


iiti 


Mb 


I ' 


•  '  ! 


Ill 


SET  V.-JOURNAL. 


NEW  TOHK,  July  1,  1881. 


Sandries 


Cash       .    -    . 
Merchandise    - 
Bills  Receivable 
Store  Rent 
John  Lewis 
Robert  Barker 
William  Pennel 
To  Bills  Payable 
R.  P.  Beale 
S.  S.  Packard 
D.  V.  Bell 
J.  C.  Bryant 
J.  T.  Calkins  • 


To  Sandries, 

Besonrces  and  Liabilities  of  S.  S.  Packard, 
D.  V.  BeU,  J.  C.  Bryant,  and  J.  T.  Cal- 
kin?, partners  in  the  firm  of  "  Packard, 
Bell  &  Co.,"  doing  a  general  Jobbing  and 
Importing  business  in  the  City  of  New 
York ;  as  taken  ft-om  the  Balance  Sheet 
of  their  last  Ledger: 

Amonnt  on  hand,  per  Cash-Book   -    - 

"        '      ",  Inventory-Book    -    - 

Notes  on  ha^d,  per  Bill-Book 

Advance  payment  for  rent 

Balance  of  /c    -    -    - 


Notes  ontstanding,  per  Bill-Book 
Balance  of%-- 


Net  Investment 


31 


Merchandise To  Sundries 

To  Bills  Payable        -     -     For  the  following  Invoices  per  Dom.  L  B. : 

From  C.  F.  Spanlding,  July  5,   $  558.67 

"     J.  Walker  &  Co.,     "    10,     1006.64 

"     E.  Lambert  «fe  Co.,  "    20,       flfiQja 

To  S.  B.  Higgins       -     -    Invoice  of  July  1,  per  For.  I.  B.     -    .    -    - 

Johnson,  Quigley  &  Co.  "  lo,  ••  -   .   .   . 

A.  &  J.  Bailey      -    -  ••  15,  »»  .... 

S.  T.  Horton    -    -    -  ••  23,  *'  .... 


// 


Bills  Receivable 


To  Merchandise 


Sales  for  the  mouth,  per  Sales-Book: 

Gordon  Bailey,     J 
Ira  Packard, 
Biram  Newell, 
Baldwin,  L.  &  Co., 
E.  Mnssey  &  Co., 
Starr  &  Co., 
M.  Shipley  &  Co.,   ' 
Edwin  C.  Packard, 


'  1, 

1  891.35 

1, 

273.52 

5, 

697.54 

10, 

869.38 

15, 

923  25 

£0, 

1425.48 

22, 

1460.14 

28, 

-3171.04 

ff 


Cash 


ToMdse.  -  -  - 
John  H.  Lewis 
Loan  -  -  - 
Wm.  Pennel  - 
Bills  Rec'ble  - 
Robert  Barker 


To  Sandries 

Eecclpts  per  Cash-Book: 

Total  Sales  for  cash    -    • 

Rec'don  %,$500:  $1200 

lietnm  from  J.  E.  Jenkins      ...    - 

In  fall  of  "'^ 

Rec'd  on  notes,  $1580;  $1000;  $1425.48 
Inftillof% 


6725 

11432 

2580 

20"0 

roo 

1000 
483 


20 

84 


4392 


50 


92 


6711 


70 


8926 

185 

4202 

63 

4202 

63 

4202 

64 

4203 

64 

10717 


2220 

1259 
222 
247 
442 


13 


94 
41 
34 
68 
56 


6711 


47743 


29 


2528 
1700 
1000 
483 
4005 
1000 


ro 


47743 


15 


50 
48 


29 


128 


SET  v.— JOUKlSrAL. 


NEW  rOMK,  July  31,  1881. 


Sundries To  Cash 

Disbursements,  per  Cash-Book: 
Purchases,  etc.,  for  cash    -    -    -    . 
As  per  items,  $16.75 ;  $8 ;  $55 ;  $C5 

Lent  J.  E.  Jenkins 

Paid  on  private  % 

In  full  of  % 


Mdse.  -  -  . 
Expense  -  - 
Loan  -  -  _  . 
S.  S.  Packard  - 
Richard  Beale 


Interest pg,. 

J.  T.  Calkins    -    .    . 
Bills  Payable  -    -    . 


items,  $16.92 ;  $50.44 


D.  V.  Bell Paid  on  private  % 


Paid  on  private  "c 

Redeemed  note  favor  of  J.  H.  Smith 


—Aug.  31  ■ 

Merchandise    .....       To  Sandries      . 
To  Bills  Payable        .     .     Invoices  per  Dom.  L  B. 


To  Wm.  Thornton  &  Co. 
J.  Mair  &  Sons     -    - 


From  Wilson  G.  Hunt,    Aug.  10,  $708.40 

"     Arnold  &  Constable,  "    20,1926.14 

Invoice  of  Aug.  10,  per  F.  I.  B. 

««  it        an  ti 

«u,  .... 


ft 


Bills  Receivable 


To  Merchandise 

Sales  for  the  mouth,  as  per  Sales-Book: 
O.  C.  &  E.  C.  Wright,  Aug.  1,     $1432 
David  S.  Hoadley,  "      5,         527 

J.  D.  Hinde  &  Co.,  «     8,         752 

Wm.  H.  Woodbury,         ''    15,         908 
C.C.Jones,  »    17,         945 

C.  J.  Dietrich,  »'    go,         402 

Baldwin  &  Co.,  «'    25,         717, 

Ubsdell,  Pierson  &  Co.,  "    27,       3303 
Raymond  &  Co.,  "    28,         641 

Jonas  Stratton,  ♦'    go         457 


.89 
.00 
.57 
.29 
94 
.50 
.47 
.71 
72 
,00 


n 


Cash 


•    -       To  Sandries   - 

Receipts  per  Cash-Book 

■^o^^se. Total  sales  for  cash    - 

Interest      .... 

Bills  Rec'ble  -    -    - 


Discount  on  note  favor  G.  A.  C.      ... 
Received  on  notes,  $1432.89 ;  $945.94    -    - 


5009 
144 

1000 

100 

185 

67 

150 

4000 
175 


4286 


65 
75 


10831 


36 


80 


10089 


09 


76 


2634 

1462 
189 


// 


Sandries 


Mdse.      -    - 
Expense 
Loan       -    - 
Bills  Payable 


-       To  Cash 

Disbursements,  per  Cash-Book : 

Purchases,  etc.,  for  cash 

Per  items,  117.50 ;  $100;  $13;  $50.75  - 

Lent  J.  n.  Tobitt 

Discounted  note  favor  G.  A.  C.    -    -    . 


6557 


54 

61 
65 


10089 


54 


Interest Per  items,  $49.60;  $32.19    .    . 

J.  C.  Bryant     ....       paj^  on  private  %     -   .   .   . 


1815 

99 

181 

25 

500 

1426 

81 

79 

150 

4159 

19 

2378 


09 


ao 

41 

83 


35920 


4155     03 


22 


35920 


22 


129 


■I" 


I     I 
It-  J 


w.. 


'v 


14.J 


-^-# 


i^ 


>. 


li' 


if 


55rSSS 


SS 


et 


•   I   t  I 


'  '^ipi?? ss 


et 


e* 


Q 

o 

a* 


m 
u 

03 


§S3S?SS  •^JSSSS 


5-  'SS-   ^ 


TT 'T  Tl»  •^  2  ,S  CV     I  £3t-i  11    )     I  .     .  Tl  , 

»^         Ox  ^H 


5; 


■     I    •     I 


ssss 


^ 


!a§8S 


■    •  CO 


COCSO"^  iQ  00  ^^  1^  T— ( »-<  «^ 


« 
s 


«0 


ee," 


•/o/    7 


o  00 

^  00 

5< 


''''•••'■lltlllltl»tll 
''''•'•■> ••■Ill 


o 


•     •      • '  O  6^  •      ' 

........    .««^^. 


O)         ft) 


■    5 


,-3  ':S=2'«'* 


130 


•-iv.-.'  1 


QUESTIONS  FOR    REVIEW.— SETS  IV  AND  V. 


Remarks.— Page  66. 

7.  Wliat  are  the  characteristics  of  Set  IV ?-?.  What  advantage  does  the  Day-Book  in  Journal  form 
have  over  the  Historical  Day  Book  ?-J.   What  is  meant  by  "  Merchandise  (\)mpanie8"'-^    In  what 
particulars  does  this  kind  of  copartnership  differ  from  general  copartnerships  1-5.  Wherein  do  the  two 
methods  of  keeping  Mdse.  Co.  accounts,  as  shown  in  this  set,  differ  ?-5.  What  is  the  principle  recog- 
nized m  the/r.<  method?-?.  What  in  tha  second  method  ?-6'.  Give  an  illustration  of  each.-9    By  the 
first  method,  when  more  than  two  parties  are  interested,  what  entrv  should  the  eomfgnee  make  on 
receipt  of  the  property  to  be  sold  on  joint  %  1-10.  What,  the  consfgnor  upon  shipping  the  property  ?- 
JL  What,  the  other  parties?-/.'.  By  the  second  method,  when  three  or  more  parties  are  interested, 
what  entry  will  the  consignee  make  on  receiving  property  to  be  sold  on  joint  %  t—l3.  What,  the  coii- 
signorf—14.  What,  the  other  parties  ?-/5.  Is  there  any  difference  in  the  final  result  by  these  separate 
methods?— /g.  When  is  the  condgn-e  considered  responsible  by  the  first  method?—/-    When,  by  the 
second  t—18.  Are  Mdse.  Co.  accounts  to  be  classified  «s  Fin-u,c,al,  or  B<i,ine.H%l—l).  Hr,w  mav  they  be 
mfL^Q  mnanciilf-20.  ^oy^  Business ? -21.  What  different  method  of  closing  th'3  Led-er  is  shown  in 
Set  IV?— ^>.  Is  there  any  necessity   for  a  BoUince  account?— .-.j-.  How  mav   its   place   be   filled?— 
^4-  What  is  the  usual  entry  in  bringing  down  balances  of  resources  and  liabilities  'f—?\'i    What  is  the 
advantage  of  auxiliary  books  t-26.  Can  special  Books  of  entry  be  so  used  as  to  dispense  with  the 
JournaJ  ? 

Balance  Sheets  and  Auxiliaries.— Pages  90  and   93. 

er.  Explain  the  method  of  ruling  the  Balance  Sheet.— ^<9.  VHiat  advantages  has  this  form  over 
most  others  in  use  1-20.  What  objection  is  there  to  a  multiplicity  of  auxiliarjr  books  t-,W.  How  is 
this  objection  removed  in  large  establish .nents  t-SL  What  are  the  essential  points  in  a  business  letter  ? 


St! 


Remarks  on  Set  V.— Page   110. 

32.  What  business  is  represented  by  this  set?— J^.  What  are  its  features?— 7.^.  Has  this  method 
any  advantages  over  that  of  consecutive  entries,  hitherto  shown?— >?5.  Wliat  are  they?-.?6.  What 
difficulty  lies  in  the  way  of  using  the  various  books  of  original  entries  as  principal  books?—.??.  What 
e'lould  the  Cash  Book  show  ?-,^,?.  How  is  it  made  to  show  all  receipts  and  disbursements  ?-,?.9.  What 
will  the  difference  between  the  two  sides  of  the  Cash-Book  represent  ?—.^^.  When  Cash  is  debited  on  the 
Cash-Book,  what  is  credited  ?-4/.  Is  every  entry  made  on  either  side  of  the  Cash  Book  really  a  dovble 
entry  ?—4^.  What  would  be  a  proper  caption  fjr  the  debit  side  of  the  Cash-Book  ?-4;?.  What,  for  the 
credit  side?— 44.  What  credits  are  shown  on  the  debit  side  of  the  Cash-Book  t-45.  What  debits  on  the 
credit  side?— 46\  Does  the  same  principle  hold  with  reference  to  the  Sales  Book  and  Invoice  Books?— 

47.  State  the  difficulty  liksly  to  occur  in  transactions  required  to  be  entered  in  two  of  these  books  — 

48.  If  the  peculiar  rights  .)f  each  b')ok  are  respected,  will  it  be  proper  to  post  Cash  from  the  Sales  or 
Invoice-Book,  or  Merc-ianJise  from  the  Cash-Book  I—49.  What  wouU  be  the  effect  of  such  [.osting?- 
50.  How  many  raetliods  are  there  of  avoiding  this  difficulty  ?-5A  What  are  they?— 5^.  Which  of  these' 
methods  is  preferable  1-53.  Which  is  used  in  this  set?-^^.  What  d:)es  the  Inventory-Book  in  this  set 
contain,  and  how  is  it  used  1—55.  What  does  the  Domestic  Invoice-Book  contain  1-56.  What  entries  are 
passed  to  the  Ledger  from  this  hook  1-57,  What  does  the  Foreign  Invoice  Book  contain  1—58.  The 
Sales-Book  ?— 55.  With  what  will  the  total  credit  of  Merchandise  account  for  the  month  agree?— 6^. 
Explain  the  characteristics  and  us  3  of  the  Cash-Book.—^/.  Are  aH  tin  debits  and  credits  appearing  on  the 
Cash  Book  posted  ?— (5 ?.  What  amounts  are  entered  in  the  "  Sundries  "  colunm  ?—6V?.  How  are  these 
amounts  posted?— (74.  What  does  the  check  mark  opposite  these  amounts  denote?— C5.  What  would  be 
written  instead  of  the  check  marks  were  the  amounts  posted  dlrecUy  from  the  Cash-Book  1-GG.  Can  the 
Bill-Book  be  used  to  advantage  as  a  principal  book  ? 

131 


^f!^' 


t-.  ,.■ 


r>» 


r  > 


SINGLE    ENTRY 

CHANGED  TO   DOUBLE   ENTRY, 

WITH     AMPLE     ILLUSTRATIONS    AND    EXPLANATIONS, 

EMBRACING 

TWO  DISTINCT  SETS  OF  BOOKS  BY  SINGLE  ENTRY, 


k!i  I 


ivx 


*\{ 


■y 


^ 


ONE    REPRESENTING    THE    BUSINESS    OF    A     RETAIL     MERCHANT    AND    THE    OTHER    THAT    OF    A    BUILDER, 

BOTH    OF    WHICH    ARE 


CHANGED  TO  DOUBLE  ENTRY,  AND  TIJE  BUSINESS  CONTINUED. 


'lit" 


/AT  THE  LATTER  SETA  DISSOLUTIOyf  OF  COPARTNERSHIP  TAKES  PLACE,  AND  THE  STUDENT  IS 
REQUIRED  TO  WRITE  UP  ORIGINAL  TRANSACTIONS  TO  COMPLETE  THE  SET. 


V  ir 


I' 


(i 


133 


*'  ! 


\^ 


m 


SDsGLE  ENTRY. 


CHANGING   SINGLE  TO   DOUBLE   ENTRY. 

It  is  unfortunate  that  the  terms  "  Single  Entry  "  and  "  Double  Entry  "  should  have 
come  to  mark,  in  popular  thought,  the  distinction  between  two  "  systems "  of  Book- 
keeping ;  as  because  of  this  it  is  made  the  duty  of  teachers  and  authors  to  draw  certain 
positive  lines  of  demarcation,  and  treat  an  imperfect  method  with  considerations  to  which 
it  is  not  entitled.  It  is  true  that  what  is  termed  Single  Entry  Book-keeping  is  practiced 
to  a  greater  or  less  extent  in  reputable  business,  and  it  is  also  true  that  it  is  never  prac- 
ticed where  Double  Entry  would  not  serve  the  purpose  better.  To  say  that  Single 
Entry  causes  less  writing — if  it  ever  does — is  to  say  that  it  thus  conveys  disproportion- 
ately less  information  ;  and  to  assume — as  is  sometimes  done— that  Double  Entry,  as 
compared  with  Single  Entry,  is  intricate  and  mysterious,  and  that  it  serves  as  a  conven- 
ient cover  for  fraud,  is  to  evince  great  ignorance  of  the  whole  subject.  The  real  differ- 
ence between  the  two  "  systems  "  lies  in  the  quality  of  information  secured  and  the  form 
of  the  original  entry.  The  Double  Entry  form  is  altogether  more  economical — causing 
less  writing  for  the  same  amount  of  information ;  and  the  facts  of  the  business  which 
Double  Entry  gives  and  Single  Entry  does  not,  are  just  the  facts  which  every  intelligent 
and  enterprising  man  wants  to  know.  As  has  been  shown  in  the  foregoing  lessons. 
Double  Entry  comprises  a  system  of  equations  by  which  effects  are  exactly  measured  by 
causes,  and  causes  by  effects,  while  Single  Entry  presents  but  one  side  of  the  equation, 
and  that  imperfectly.  The  Double  Entry  Ledger  is  always  in  equipoise,  and  always 
affords  a  perfect  survey  of  the  business,  both  in  its  active  processes  and  in  its  results  ; 
while  the  Single  Entry  Ledger  contains  merely  the  evidences  of  personal  indebtedness 
for  and  against  the  business — in  other  words,  personal  accounts.  There  must,  of  course, 
be  a  way  of  getting  at  the  property  and  debts,  and  this  is  done,  except  as  to  personal 
accounts,  outside  the  Ledger.  The  cash  on  hand  is  usually  shown  in  the  Cash-Book, 
and  the  notes,  receivable  and  payable,  in  the  Bill-Book  ;  while  the  value  of  unsold  prop- 
erty is  ascertained  as  in  Double  Entry. 

The  Single  Entry  Ledger,  so  far  as  it  goes,  does  not  differ,  in  effect,  from  the  Double 
Entry  Ledger.  It  simply  falls  short  of  the  true  idea  of  a  Ledger,  which  is  to  present  the 
progress  and  condition  of  the  business. 

The  object  of  the  exercises  which  follow  is  twofold — first,  to  show  the  characteristic 
points  of  Single  Entry,  with  its  possibilities  as  a  system  of  record,  and  next,  to  mark  the 
distinction  between  Single  Entry  and  Double  Entry.  The  latter  purpose  is  served  by 
converting  a  set  of  Single  Entry  Books  into  Double  Entry,  and  continuing  the  business 
under  that  form. 

It  will  require  but  little  perspicacity  to  follow  the  transactions  of  the  Single  Entry 
set  to  the  books  of  final  record.  The  form  of  expression  in  the  Day- Book  is  to  be 
noticed,  as  it  is  this  form  which  has  given  to  the  system  its  designation.  For  every 
entry  in  the  Day-Book,  a  single  entry  is  made  in  the  Ledger;  and  as  no  entry  is  made  in 
the  Day-Book  except  to  debit  or  credit  a  personal  account,  so  there  are  no  other  than 
personal  accounts  in  the  Ledger.  The  facts  about  cash  and  bills  are  recorded  in  separate 
books ;  while  the  progress  of  the  business  can  be  shown  only  in  a  general  way,  by  know- 
ing the  increase  or  diminution  in  wealth.  Of  course,  no  system  of  book-keeping  would 
at  all  answer  the  requirements  of  business  which  did  not  afford  the  means  of  getting  at 
the  resources  and  liabilities ;  and  knowing  them,  the  changing  of  Single  to  Double 
Entry  is  scarcely  more  than  a  mechanical  process. 

134 


SINGLE  ENTRY. 

The  student  who  has  gone  through  the  analyses  of  the  previous  sets  will  have  no  diffi- 
culty in  understanding  how  the  net  gain  or  net  loss  can  be  ascertained,  even  without  the 
business  accounts,  and  hence  will  readily  follow  the  process  shown  in  the  Preparatory 
Statement,  by  which  the  equilibrium  of  resources  and  liabilities  is  made  to  appear  as  the 
foundation  of  Double  Entry. 

In  writing  up  the  transactions  in  the  two  forms,  while  the  superiority  of  Double 
Entry  will  be  plainly  recognized,  the  points  of  distinction  will  be  apparent,  and  the  pos- 
sibilities of  Single  Entry  brought  to  view. 


■J 


'l'iiU2 


1 


.  ;t( ' 


135 


ri 


1880 
Jan. 


SINGLE  ENTRY. 


deceived. 


1 
1 
3 
3 
3 
5 
5 
7 


9 

9 

10 

12 

13 

15 

15 


16 
16 
17 
20 
22 


23 
23 
25 
25 
27 
27 
80 


31 


James  Mason's  Investment - 

Robert  Walker's  Investment 

John  Simmons,— Coat,  $20  ;  Pants,  $9.50 ;  Vest,  $7    -    -    - 

Joseph  Kinsey,  on% ._. 

Miscellaneous  Sales,  per  tickets     -- 

W.  H.  Beebe,— Overcoat,  $35  ;  Vest,  $7.50  ;  Cravat,  $1.50    - 

Miscellaneous  Sales,  per  tickets 

John  Mason,  Invoice  Ready-made  Clothing     -....-. 


Balance  on  hand ••-. 

Robert  Hall,— 6  yards  blue  Broadcloth,  @  $5    -    .    .     - 

Wm.  H.  Joeckel, — Business  Suit 

Bill  of  Goods  ordered  by  P.  T.  Barnum     -.-.." 
1  doz.  Hdkfs.  $3;  3  doz.  Cravats,  $30;  2  doz.  Collars, 

A.  B.  Butts,— Dress  Suit 

Miscellaneous  Sales,  this  week,  per  tickets     .... 


Balance  on  hand  .--.... 

Bill  of  Goods  to  P.  Evans,  Cincinnati    ---.:. 
3  doz.  Cravats,  $40  ;  5  doz.  standing  Collars,  $13.50 
Assortment  Ready-made  Clothing,— J.  Allen,  Pittsburg 
Miscellaneous  Sales  for  the  week,  per  tickets     -  '-    - 


Balance  on  hand       -- 

2  doz.  Cravats,  %Z^ ;  6  Vest  patterns,  $35      ^    .-.'..• . 
1  pair  Pants,  $9  ;  1  Dress  Coat,  $25  ;  1  Cravat,  $1.50    •     -     - 

Bill  of  Ready-made  Clothing,— C.  S.  SiU,  Troy 

6  doz.  Hdkfs.,  $20 ;  8  doz.  French  Yoke  Shirts,  $170     -    -    - 

Ira  Packard, — Dress  Suit .>. 

Miscellaneous  Sales,  this  week,  per  tickets •. 


Balance  on  hand 


136 


CASH- 


50 


3000 
1000 

36 

15 

58  I  25 
44| 


39 
175 


4368 


63 


88 


4156 
30 
23 

350 
38 
40 

450 


5087 


5003 

375 

63 

500 

378 


38 


38 


6311 


6175 

65 

35 

175 

190 

36 

822 

6999 


63 


50 


95 


08 


6834 


58 


50 


50 
15 


73 


73 


BOOK. 


SINGLE  ENTRY. 


Taid, 


1880 
Jan. 


3 

7 
7 

7 


Stationery,  $10 ;  Painting  and  Cleaning,  $15 
Seamstress's  wages,  $27 ;  Qerk  hire, 

John  Jones,  on  % 

Balance  on  hand       


13 
14 

11 


19 
20 
21 

2\ 


25 
80 
80 

30 


^    I 


Sundry  expenses,  per  Expense-Book    .    -    . 
Seamstress's  wages,  $50 ;  Clerk's  hire,  $18 
Balance  on  fiaiid 


25 
37 

150 

4150 


4368 


15 
68 

5008 


SS 


38 


Sundry  expenses,  per  Expense-Book  -    - 
Seamstress's  wages,  $75 ;  Clerk  hire,  $18 

Office  Desk  and  Chair 

Balance  on  hand       

Sundry  expenses,  per  Expense-Book  - 
Seamstress's  wages  and  Clerk  hire  - 
Cutter's  wages  for  the  month  -  .  - 
Balance  on  hand 


75 


63 


5087     38 


12 
93 
30 

C175 


6311 


15 
75 
75 

GS34 


50 


53 


08 


6999 


7.t 


73 


"-^ 


'm 


)>  •> 


137 


m 


/^^> 


SINGLE  ENTRY.— DAY  -  BOOK. 


PHILADELPHIA,  January  i,  1880. 


James  Mason  and  Robert  Walker  unite  in  copartnership  in  a  Gentlemen's 
Furnishing  establishment.  They  invest  equally,  and  share  equally  in 
gains  and  losses. 


James  Mason, 

By  Cash  invested  -  -  -  -  . 
Merchandise,  per  Inventory 
Sundry  Notes,  per  B.  B. 


Cr. 


13000 

4500 

750 


James  Mason, 

To  balance  due  John  Jones 

Robert  Walker, 

By  Cash  invested    -    -    - 
Store  and  Fixtures     - 


Dr. 


ft 


Or. 

11000 
6750 


ft 


John  Jones, 

By  amount  owing  him  by  J.  Mason 


Cr. 


William  Patterson, 

To  1  pair  Doeskin  Pants      -    -    - 
1  Blue  Broadcloth  Coat      -    -    • 
1  Figured  Satin  Vest     .     .     -     . 
12  Pocket  Handkerchiefs,  @  50'^ 

3 


Dr. 

%  9 
22 
7  50 
6 


Joseph  Kinsey,  Dr. 

To  1  doz.  Fancy  Neckties $12 

11  doz.  Byron  Collars,  @  $3 4  50 

6  Vest  Patterns,  assorted - 35 

8  yds.  Farmer's  Satin    ..-.-. 6 

3  doz.  pairs  Gents'  Hose 9 


Contra, 

By  Cash  on  % 


Cr. 


James  M.  Doolev, 

To  1  doz.  Fine  Shirts 

3    "    Lamb's  Wool  Undershirts,  @  $15 
3    "    pairs  Flannel  Drawers,  @  $15    - 


Dr. 

$24 
45 
45 


6 


Sumner  Packard,  Dr. 

To  3  yds.  Fine  French  Broadcloth,  @  $5 $15 

12  yds.  English  Cassimere,  @  f  2     - 24 


John  Jones, 

To  Cash  paid  on  % 


Dr. 


138 


8250 


500 


7750 


500 


44 


50 


66 


15 


114 


50 


39 


150 


<^ 


SINGLE  ENTRY.— BAY  -  BOOK. 


PHILADELPHIA,  January  0,   IS  SO. 


Jabez  Dunham, 

To  Wedding  Suit,  per  contract 


10 


James  M.  Dooley, 

By  10  tons  Coal,  for  use  of  the  store,  @  $5 

12 


Robert  S.  Hay  ward, 

To  1  Frock  Overcoat  .  -  -  . 
1  Dress  Coat  --_... 
1  pair  French  Cassimere  Pants 


Erastus  Young, 

To  Making  Dress  Coat  - 

Vest    -    -    - 

Repairing  Coat     -     - 


u 


16 


Robert  S.  Hay  ward, 

By  his  note  @  30  days  to  balance  % 

17  — 


David  T.  Fuller, 

To  1  Frock  Coat 

IVest     .-..---. 
1  Overcoat  for  Master  Frank 

IS 


Charles  Claghorn, 

To  6  Shirts  (French  Yoke),  @  $2.50     -    - 

10  pairs  Socks.  @  25^ 

Drawers  and  Undershirts,  2  each,  $1.25 

'JO 


Henry  D wight. 

To  Frock  and  Pants  for  Master  Silas 

■ 21 


Schuyler  Cor  bit, 

To  1  Dress  Coat    .... 
2  Neck  Ties  -    -    - 

6  Pocket  Handkerchiefs 


25 


Wilson  G.  Hunt  &  Co., 

By  Bill  of  Cloths,  per  Invoice 


30 


Henry  Shaft, 

To  1  pair  Pants 
1  Dress  Coat 


139 


Dr. 


Cr. 


Dr. 

$30 
25 
10 


Dr. 

$9 
3 
2 


Cr. 


Dr. 

$30 
5  50 
12 


Dr. 

$15 
2  50 
5 


Dr. 


Dr. 

$23 
3 
1  50 


Cr. 


Dr. 

$  9 
25 


59 


60 


65 


14 


65 


47     50 


22 


10 


27 


575 


34 


50 


50 


i 


■^»«,. 


•tr" 


|!- 


I 


SINGLE  ENTRY.— LEDGER. 


Dr, 


James  Mason. 


Cr. 


1 1 


1880 

Jan. 

1      To  Balance  dne  J.  J.  . 

■       1 

500 

1880 
Jan. 

1      By  Investment   -    -    -    . 
81           }  net  gain      .    .    .    . 

1 

9sm 

681 

61 

Dr. 

2 

Robert  ^Valker.                                          Cr. 

* 

0 

1880 

Jan. 

(I 

1      By  Investment   -    -    -    - 
31           \  net  gain     -    -    .    . 

1 

7750 
681 

63 

Dr. 

3 

John  Jones.                                              Cr. 

1880 
Jan. 

7     To  Cash 

1 

100 

1880 
Jan. 

1      By  Balance  due  him    -    - 

500 

Dr. 

4 

Win.  Patterspn.                                           Cr. 

1880 
Jan.       1 

i      To  Sundries 

1 

44     60 

1 

1 

^ 

Dr. 

5 

Joseph  Kinsey.                                         Cr. 

1880 
Jan.       a 

1     ToSnndiiea 

1 

66     50 

1880 
Jan.       a 

By  Cash 

1 

15 

Dr. 

6 

James  M.  Dooley,                                        Cr. 

1830    . 
Jan.       4 

To  Sandries   -    -    -    .    - 

1 

114 

1880 
Jan.      1( 

)     By  10  tons  Coal  -    -    .    . 

1 

50 

Or. 

7 
Sumner  Packard.                                         Cr. 

1880 
Jan.       5 

To  Sundries    -    -    -    -    . 

1 

39 

Dr. 

8 

Jabez  Dunham.                                          Cr. 

1880 
Jan.       9 

To  Wedding  Suit    -    -    • 

1 

59 

1 

i 

■ 

140 


SINGLE  ENTRY.— LEDGER. 


Dr. 


9 


Robert  S.  Hayward. 


Cr. 


1880 
Jan. 

12    To  Sundries 

2 

« 

1880 
Jan. 

16     By  Note  @  .30  days       -     . 

9 

65 

Dr. 

■= — ^ — . 

lO 

Erastus  Young.                                         Cr. 

I860 
Jan. 

14     To  Making  and  Repairing 

2 

14 

Dr. 

11 

David  T.  Fuller.                                         Cr. 

1880 
Jan.      ] 

17     To  Sundries 

47     60 

1 

Dr. 

12 

Charles  Claghorn.                                         Cr. 

1880 

Jan.      18    To  Sundries 

3 

33     50 

1 

Dr. 

13 

Henry  Dwight.                                         Cr. 

I860 

Jan.      ao     To  Frock  and  Pants  -    - 

i 

10 

- 

» 

Dr. 

14 

Schuyler  Corbit.                                        Cr. 

WdO 
/an.      81 

To  Sundries 

3 

37     60 

J 

1 

I 

' 

Dr. 

15 

^Vilson  G.  Hunt.                                     Cr. 

1 

1880 
Jan.      85 

By  Mdse. 

i 

575 

Dr. 

10 

Henry  Shaft.                                          Cr. 

1880 
Jan.     80 

To  Sandries 

s 

84 

"^M 


% 

K 


141 


PROCESS  OF  CHANGING. 


^'1 


1^ 


PROCESS     OF    CHANG-ING-. 

The  student  need  not  here  be  told  that  the  first  requisite  in  opening  a  set  of  Double 
Entry  books  is  a  statement  of  resources  and  liabilities.  This  statement  is  also  necessary 
in  Single  Entry  as  often  as  it  is  required  to  know  the  progress  or  condition  of  the  busi- 
ness for  any  purpose.  In  the  preceding  Ledger  we  have  a  record  of  such  of  the  resources 
and  liabilities  as  consist  of  personal  accounts, — the  rest  must  be  gathered  from  other 
sources. 

Inasmuch  as  the  partners  v/ere  credited,  each  for  his  net  investment,  we  can  tell  from 
their  accounts  what  was  the  original  capital.  If  now  there  be  either  more  or  less  net 
resources  than  this  investment,  the  result  will  shojv  a  gain  or  loss,  as  the  case  may  be. 
If  a  gain,  the  partners  should,  of  course,  be  credited  in  their  proportionate  shares ;  or  if 
a  loss,  be  debited.  This  will,  again,  equalize  the  resources  and  liabilities,  and  give  the 
data  for  a  Double  Entry  Ledger. 

To  this  end  we  present  the  following 

Preparatory  Statement. 


Statement  of  the  Resources  and  Liabilities  of  James 
Mason  and  Robert  Walker,  who  have  this  day 
changed  their  books  from  Single  to  Double  Entry. 

Resources. 

Personal  Accounts  Receivable  (already  posted)  -  -  - 
Notes  Receivable  on  hand,  per  Bill- Book  -  -  -  - 
Cash,  per  Cash-Book   ----------- 

Merchandise,  per  Inventory - 

Store  and  Fixtures,  per  cost 

rL labilities.  

Personal  Accounts  Payable  (already  posted)      -    -    - 
James  Mason,  Net  Investment  -------- 

Robert  Walker,         "  

Total  net  gain  in  business 

James  Mason's  i.-------  $681.01 

Robert  Walkers  i 681.G2 


413 

815 

6834 

2975 

6750 


925 
7750 
7750 


»0 


73 


17788 


1C425 


iMa. 


23 


2iL 


From  this  schedule  it  will  be  seen  that  when  the  above  resources  and  liabilities  are 
duly  entered  upon  the  Ledger — the  resources  to  the  debit,  and  the  liabilities  to  the  credit 
of  the  accounts  representing  them — they  will  lack  just  the  amount  of  net  gain  ($1363.23) 
of  balancing.  If  this  amount,  then,  be  entered  to  the  credit  of  the  partners,  where  it 
properly  belongs,  and  the  additional  accounts  opened,  we  shall  have  the  commencement 
of  a  Double  Entry  Ledger. 

We  now  complete  this  process,  crsditing  the  partners  each  for  his  J  gain,  and  open- 
ing accounts  in  the  supplementary  or  completed  Ledger  with  the  additional  resources  : 
Bills  Receivable,  Cash,  Merchandise,  and  Store  and  Fixtures.  These  four  new  accounts 
constitute  the  "  change,"  and  will  serve  very  clearly  to  show  the  exact  difference  in  the 
two  systems,  so  far  as  the  Ledger  is  concerned. 

142 


DOUBLE  ENTRY— LEDGER. 


Bt, 


Bills   Receivable. 


O. 


1881 
Jan. 


31 


Notes  on  hand. 


815 


Dr, 

Cash. 

(7r. 

1881 
Jan. 

21 

On  band. 

6834 

73 

^ 

1 

J^^'                                            Merchandise.                                            €i\ 

1881 
Jan. 

31 

On  hand. 

2975 

V 

X 

Dr. 


Store   and   Fixtures. 


Cr. 


1881 
Jan. 


81     Valuation. 


6750 

It  is  important  before  commencing  the  current  record  of  business  in  Double  Entry 
books,  to  ascertain  if  the  Ledger  balances.    AVith  this  view  we  submit  the  following 


Balancbs. 


Trial    Balance. 


Face  of  Ledgbb. 


Dr. 


44 
51 
64 
39 
59 
14 
47 
22 
10 
27 

84 

815 
6834 
2975 
6750 


17788 


60 
50 


50 
50 

50 


73 


23 


Cr. 


8431 

8431 

350 


575 


.7788 

ii 


61 
62 


23 


James  Mason  -  - 
Robert  Walker  - 
John  Jones  -  - 
Wm.  Patterson  • 
Joseph  Kinsey  - 
James  M.  Doolcy 
Sumner  Packard 
Jal>ez  Dunham  - 
Ei-astus  Young  - 
David  T.  Fuller  - 
Charles  Claghorn 
Henry  Dwight  - 
Schuyler  Corbit  - 
Wilson  G.  Hunt 
Henry  Shaft  -  - 
Bills  Receivable  - 
Cash  ...  - 
Merchandise  -  - 
Store  and  Fixtures 


Dr. 


500 

150 
44 
66 

114 
39 
59 
14 
47 
22 
10 
27 

34 

815 

6834 

2975 

6750 

lia'JOS 


50 
50 


50 
50 

50 


r8 


23 


Cr. 


8931    1 61 

8431     02 

500 


15 
50 


575 


8503 


23 


/^ 


The  books  are  now  to  be  continued  in  Double  Entry,  from  the  following  transactions. 

143 


^4\ 


4^ 


rtt<'. 


DOUBLE  ENTRY— DAY-BOOK. 


DOUBLE  ENTRY.— DAY  BOOK. 


!; 


JPHILADELPHIA,  Fehruarij  1,  1881. 


»   ■-- 


Sold  Robert  Milbum  for  Cash, 

1  doz.  Suspenders 

4     "    Cravats %  $15 

3J  ''    French  Yoke  Shirts  (fine)  .    @    30 
10     "    Standing  Collars    .    .    .    ^    %      1  80 


$    4  50 
60 
105 
18 


2 


Reieeived  Cash  for  rent  of  upper  story,  one  month 


// 


Paid  Robert  Walker  Cash  on  private  % 

■ S   _ 


Accepted  John  Jones's  draft  on  us  @  30  days,  favor  A.  B.  Butts 

5    


Bought  of  Dunham  &  Brokaw,  on  our  note  @  60  days, 
Mdse.,  per  Invoice 


/v 


Sold  Wm.  Patterson  *  on  %, 

3  doz.  Vest  Patterns @  $50 

10  yds.  Blue  Broadcloth,    .    .    .    .  @      6 

20  yds.  French  Cassimere  .    .    .    .  ®      4 

: 8  


1150 
60 
80 


Received  of  James  M.  Dooley,  Cash  in  full  of  % 


ft 


Paid  the  following  expenses  in  Cash  : 

Clerk  hire $  25 

Seamstress's  wages 115 


10 


Sold  R.  C.  Davis  &  Co.,  Albany,  on  their  note  @  4  months, 
Mdse.,  per  Livoice -    .    .    .    . 

^ 12  . 


Bought  of  James  Dunham,  for  the  private  use  of  Robert  Walker, 

1  Firkin  Butter,  100  lbs.  ...    @  25  cts $25 

]  Bbl.  *' Seek  no  Further"  Apples 6 

1   do    Cider  Vinegar 8 

Paid  him  per  order  on  Sumner  Packard. 

IS   ^ 


Received  Cash  of  Joseph  Kinsey,  in  full  of  % 
15  


Sold  Edwin  Forrest,  on  %, 
1  Suit  Fine  Broadcloth 


17 


Paid  Advertising  Bill  in  Cash 


*  Be  caref  al  not  to  open  the  same  account  twice, 

144 


187 

50 

100 

350 


50 


700 


290 
64 


140 


500 


39 


51 


50 


75 


50 


:PniLADELPHIA,  February  20,  1880. 


Paid  Cash  for  insurance  on  store  and  contents,  M  on  $4000.*     (M 
hattan  Insurance  Co.) .    .    ... 


25 


Received  Cash  of  Jabez  Dunham,  in  full  of  % 


ff 


Paid  Expenses  of  store  to  date,  per  Expense  Book 
_____  26 


Our  store  and  contents  were  this  day  consumed  by  fire  : 

Value  of  Store  and  Fixtures $5000+ 

Mdse  on  hand '    "    "    '  2800 

Manhattan  Insurance  Co.  owes  us  per  policy     ]"."". 


28 


Received  Cash  in  full  for  R.  S.  Hayward's  Note,  due  the  18th  inst 


f/ 


Received  Cash  of  the  following  persons  : 

Erastus  Young  in  full  of  %  .  *ii. 

David  T.  FuUer         ^*  .    ." ^4^  -^ 

Charles  Claghorn       ''                                  22  50 

Henry  Dwight            '^  -  -    -    "    ^    ".'."*"  10 

Schuyler  Corbit          "  "  97  ;^n 

Henry  Shait               "  ".  ".    '.    ".    *.    ".    "_    ;    '_    "  34  ^^ 


30 


59 


150 


4000 


65 


ft 


Paid  Cash  to  Wilson  G.  Hunt,  in  full  of  % 


r/ 


Received  Cash  of  Manhattan  Insurance  Co. 


155 
575 

4000 


50 


*^;J^}'J'^^'!J^J'%''^''^^^PP^^^^  the  store  and  the  merchandise  it  may  contain,  It  will  be  more 

simple  to  charge  it  to  Expense  account,  or  to  open  a  separate  account  with  "  Insurance  " 

It  is^hVs'tifZt'rhn'^ '""'f '  '""  ?^'  l"'"'*"'"  ^"*^  ^'''''  ^""^  ^^^^^--^^  «°d  Merchandise  at  their  proportionate  value. 
It  is  the  student's  business  to  ascertam  how  much  of  the  $4000  should  be  credited  to  Store  and  Fixtures  account  and  how 
much  to  Merchandise.    TMb  cannot  be  difficult,  as  the  basU  of  valuation  is  given.  fixtures  account,  and  how 


145 


tr^ 


-<jj 

i*.'! 


I 


I 

.,11 


•*<W 


r!.t4i 


If' 


I 


I;.. 


Pr-. 


M' 


STATEMENTS. 
Trial  Balance,  Feb.  28. 

10397 

23 

60 
90 

50 
23 

139 

11467 
3675 
6750 

395 

334 

50 

1315 

23 

50 
73 

James  Mason 

Eobert  Walker 

Cash 

8431 
8431 
1070 
2463 
2614 
1050 

65 

61 
62 

40 
10 

73 

8431 
8292 

1050 

61 
62 

1211 

Mdse 

4135 
395 

Store  and  Fixtures 

Bills  Payable 

Expense 

334 

60 

1250 

William  Patterson 

Edwin  Forrest 

Bills  Receivable    ....... 

17774 

24125 

24125 

17774 

23 

Inventory,  Feb.  28. 
Store  Lot,  valued  at $2000  00 


Losses  in  Business. 

On  Merchandise J2il  60 

"  Store  and  Fixtures '  2135  90 

By  Expense \\\\[\[\[[[  395^00 

James  Mason's  J  net  loss $1871.25  3742.50 

Eobert  Walker's       "         J31L26.  ^^ 


Peesent  Condition  of  Business. 


Hi 


Resources.  

^^  T  : $10397.23 

Store  Lot  2000.00 

bills  receivable j250  00 

William  Patterson \    '.    \    '.    \    \    \    \  334  50 

Edwin  Forrest \    .    \    \    \    \    \    \    \    \    \    \    \  h^\^ 

14031.73 

Z,iabitities» ■ 

Bills  Payable     -    -    -    - $1050.00 

James  Mason,  Investment 18431.61 

"  i  net  loss ;    ;    ;       1871 !  25 

*'  Present  Interest 6560.36 

Eobert  Walker,  Investment ."  8431.62   " 

"  Amount  drawn 139.00 

"  i  net  loss 1871.25        2010.25 

"  Present  Interest 6421  37 

14031 . 73 

146 


'!♦*■ 


PRACTICAL  EXERCISES. 


PRACTICAL    EXERCISES— FIFTH    SERIES. 


.?=•«. 


The  following  memoranda  of  transactions  will  serve  as  material  for  a  set  of  Single 
Entry  Books,  which  the  student  is  requested  to  write  up.  Let  him  record  the  receipts 
arid  disbursements  of  cash  in  the  Cash-Book,  adopting  the  form  used  in  the  previous  set; 
also,  rule  up  a  Bill- Book,  after  the  form  on  pages  44  and  45,  in  which  enter  the  Bills, 
Receivable  and  Payable.  Should  he  choose,  in  addition,  to  keep  a  Sales-Book  and  an 
Invoice-Book,  in  which  to  record  receipts  and  sales  of  merchandise,  it  will  much  facili- 
tate the  labor  of  collecting  resources  preparatory  to  deciding  upon  the  gain  or  loss  in 
business.  We  have  here  an  important  change  in  the  business,  occurring  at  the  end  of 
the  first  month.  One  of  the  partners  retires  from  the  concern,  his  interest  having  been 
purchased  by  the  remaining  partner,  who  continues  the  business  in  the  same  books. 
This  is  an  important  matter  for  the  student  to  understand,  both  because  it  involves  prin- 
ciples having  a  general  application  to  the  science,  and  because  such  events  are  of  fre- 
quent occurrence. 

The  first  thing  to  be  considered  in  buying  or  selling  the  interest  of  a  partner  is  to 
know  the  amount  of  that  interest,  or  how  much  of  the  net  resources  belong  to  him.  His 
prospective  interest,  or  the  *'good  will"  of  the  business,  is  an  after  consideration.  The 
interest  which  any  sole  or  partial  proprietor  has  in  a  concern  is  equal  to  his  net  invest- 
ment, ylus  his  share  of  the  gain,  or  minus  his  share  of  the  loss.  Consequently,  if  he 
has  already  been  credited  with  his  net  investment,  it  is  only  necessary  to  ascertain  his 
share  in  the  gain  or  loss,  which,  carried  to  the  credit  or  debit  of  his  account,  as  the  case 
may  be,  will  make  that  account  express  his  real  interest  in  the  business.  The  method 
of  ascertaining  gains  and  losses,  where  books  are  kept  by  Single  Entry,  is  neither  so 
direct  nor  satisfactory  as  that  by  Double  Entry,  but  still  it  can  be  done  with  certainty 
and  exactness.  That  the  student  may  learn  the  difference  in  the  two  systems,  he  is 
requested  to  write  up  the  following  series,  first  in  Single,  and  next  in  Double  Entry 
form.  This  will  give  a  better  distinction  between  the  two  systems  than  could  be  other- 
wise obtained. 

Transactions — Partnership  Books. 

Buffalo^  Nov,  1,  1880. — W.  P.  Spencer  and  E.  R.  Felton  unite  in  copartnership  foi 
the  purpose  of  conducting  the  business  of  Building.  Each  to  receive  interest  on  his 
average  investment,  and  the  gain  or  loss  to  be  divided  as  follows  :  W.  P.  Spencer,  ^  ; 
E.  R.  Felton,  ^. 

W.  P.  Spencer  Invests  : 

Cash  deposited  in  N.  Y.  and  Erie  Bank,  85000  ;  *  Bills  Receivable  as  follows  :  Note 
of  A.  M.  Clapp's,  favor  of  J.  C.  Bryant,  dated  July  1,  at  6  mo's,  with  interest  @  1%  from 
date,  $500 ;  Wm,  T.  Bush's  accepted  draft,  drawn  by  H.  Newell,  Nov.  1, 1880,  @  90  d's, 
for  11500  ;  f  Personal  Accounts,  viz. :  Robert  Vail,  $175  ;  Henry  Gray,  $280  ;  J.  Pinner, 
$300;  Cash,  $259.58, 


*  If  it  is  deemed  proper  to  keep  a  Bank  accoant  in  the  Ledger,  it  will,  of  course,  be  subject  to  the  same  conditions  as 
any  personal  account. 

t  In  determining  the  investment,  it  is  necessary  to  reckon  these  notes  at  their  real  value  ;  hence,  the  former  (!t500) 
having  already  been  on  interest  4  months,  is  worth  its  £ace  and  the  interest  to  date ;  while  the  latter  (,$1500),  being  drawn 

147 


I 

,,.'1 


!!,.,) 


»■/ 


PRACTICAL  EXERCISES. 


E.  R.  Felton  Invests: 


Cash,  $1500 ;  Tools,  Implements  and  Materials,  $1000 ;  Unfinished  Contract  with 
Smith  and  Sons — present  value,  $5000.* 


A^oy.  2. — Received  from  Smith  &  Sons,  cash  on  %,  $1750. Deposited  the  same  in  N.  Y.  &  E.  Bank. 

.?. — Paid  laborers  cash,  as  per  Receipt-Book,  $375. Paid  petty  expenses,  as  per  Expense- 
Book,  $10.75. 
4^. — Bo't  horse  and  dray  for  use  of  business,  for  which  gave  check  on  N.  Y.  &  E.  Bank,  $250. 

'  - ' Contracted  with  A.  H.  Tracy  to  build  for  him  on  Delaware  Street,  a  brick  residence ; 

amount  of  contract,  $15000 ;   received  cash  in  advance,  as  per  agreement,   $5000. 

Deposited  the  same  in  bank.f 
S, — Paid  plumber's  bill  on  Smith  &  Sons'  house,  per  check,  $375.  -      -  -  Paid  masons  and  labor- 
ers on  Smith  &  Sons'  house,  per  check,  $150. 
6. — Finished  small  job  for  J.  C.  Gansevoort',  on  South  Division  Street,  for  which  he  owes  us 

$540.64 
7. — Received  cash  of  J.  C.  Gansevoort  on  %,  $300, 

0» — Entered  into  contract  with  Millard  Fillmore,  to  build  for  him  a  cottage  on  Niagara  Street,  for 
$9000 ;  received  cash  on  contract,  $1000. 

/^.— Paid  cash  to  C.  Kohler  for  100  M.  pressed  brick,  at  $11  per  M. Bo't  of  Seth  Pierce, 

Lockport,  on  %,  20  bbls.  cement,  @'$1.50. 

/J2, — Paid  Dean  Richmond's  draft  on  W.  P.  Spencer,  per  check,  $500. Paid  carpenter's  bill 

on  Smith  &  Sons'  house,  per  check,  $1500. 
/3. — Finished  Smith  &  Sons'  contract,  and  delivered  them  the  keys  of  the  house.     Rendered  bill 

for  the  same,  as  per  contract,  $7500,  which  was  accepted.:}: 
/6. — Paid  laborers  and  masons  cash,  as  per  Receipt  Book,  $475. Paid  cash  for  sundry  ex- 
penses, as  per  Expense-Book,  $25. 
/8. — Received  of  Smith  &  Sons,  note  @  60  days,  to  balance  %,  $5750. 
20, — Received  cash  for  small  jobs  thh  week,  $400. 
^/.—Received  cash  of  J.  Pinner  on  %,  $150;  also  of  Henry  Gray,  in  full  of  %,  $280. 

JS2. — Paid  laborers,  per  Receipt-Book,  cash,  $500, Paid  sundry  expenses  in  cash,  as  per 

Cash-Book,  $35. 
2S, — Paid  E.  R.  Felton  cash,  en  %,  $500.  -----  Finished  job  of  repairing  outhouse  for  Jacob 

Van  Bruni,,  for  which  he  owes  us,  as  per  bill  of  items,  $175. 
JS8. — Paid  cash  to  laborers  in  full  to  date,  $378.50. 
30, — Paid  office  rent  in  cash,  $50 Paid  Book  keeper  to  date,  per  check,  $125. 


without  interest,  is  worth  its  face,  less  the  current  rate  of  interest  for  90  days— the  date  of  its  maturity.  (The  rate  of  interest 
fixed  in  this  Set— 7/'c — was  the  legal  rate  in  thj  State  when  these  transactions  were  prepared.)  Therefore,  in  givini?  Mr. 
Spencer  credit  for  his  investment,  we  will  estimate  the  value  of  the  fin^t  note  at  its  face,  $500,  plus  the  interest  on  $S00  for  4 
mo'8,@7/^,  $11.67,  making  in  all  |511.<J7  ;  and  the  second,  at  its  face,  $1500,  mint/*  the  interest  on  fl500  for  90  days,  @  7^  » 
$26.25,  making  $1473.75,  In  the  Single  Entry  Set  it  will  he  necessary  only  to  credit  Mr.  Spencer  wiih  these  real  values,  and 
enter  the  note.-*  in  the  Bill-Book.  In  Double  Entry  it  will  he  proper  also  to  open  accounts  with  Interest  Receivable  and 
Interest  Payable,  representing  the  two  amounts,  which  should  be  arranged  under  tliose  titles. 

*  It  is  customary,  in  busineps  of  this  kind,  to  enter  into  written  contract  with  the  parties  for  whom  work  is  to  be 
performed,  and  either  receive  pay  by  fixed  instalments,  or  at  the  completion  of  the  contract.  In  jill  such  cases,  it  would  be 
eminently  proper  to  keep  a  book  containing  a  transcript  of  such  agreements,  and  a  separate  account  with  each  job.  This  is 
often  done,  even  where  the  books  are  kept  by  Single  Entry.  The  estimated  value  of  this  "  Unfinished  Contract "  is,  of 
course,  based  upon  the  actual  labor  performed,  and  not  paid  for,  and  the  approximate  gain  thus  &r  realized.  The  anticipated 
gain  in  the  farther  completion  of  the  work  should,  of  right,  be  shared  by  the  partners,  the  same  as  gains  accruing  from  new 
contracts. 

t  It  would  not,  of  course,  be  proper  to  charge  Mr.  Tracy,  directly,  with  the  amount  of  this  contract,  as  the  work  is  not 
yet  completei.    We  should,  however,  credit  him  on  account  for  the  f  .tOOO  advanced. 

X  Smith  &  Sons  now  owe  u.s  $7500,  le-s  what  they  have  paid  on  "/c ,  and  with  which  they  have  ahready  been  credited.  It 
is  therefore  proper  to  charge  them  this  amouut. 


148 


PRACTICAL    EXERCISES. 


Dissolution    of  Copartnership. 

The  copartnership  heretofore  existing  between  W.  P.  Spencer  and  E.  R.  Felton  is 
this  day  dissolved  by  mutual  consent,  Mr.  Spencer  retiring  from  the  firm.  The  condi- 
tions of  the  dissolution  are,  that  the  retiring  partner  shall  receive  for  his  interest  (as 
shown  by  his  account  after  being  credited  with  his  share  of  the  gain)  one-half  cash,  and 
one-half  note,  payable  in  six  months,  with  interest  from  date. 

The  Resom-ces  and  Liabilities  of  the  concern  at  this  time  are  as  follows : 


'/Resources. 


Jjlabillties, 


Cash  on  hand,  per  C.  B.  .    . 

Balance  in  Bank      .    ,    .    . 

Notes  on  hand 

I  uteres^,  due  on  same    .    .    . 

Balance  due  on  personal  ac- 
counts      

Horse  and  Dray 

Tools  and  Implements      .    . 

Valuation  of  unfinished  con- 
tracts   


440 

8850 

7750 

14 

33 

68 

740 
250 

1000 

64 

3500 

22545 

55 

Balance  due  on  personal  ac- 
counts    . 

Interest  for  unexpired  time  on 
Bush's  acceptance  .  $17.50 

Do.  on  Smith  &  Sons' 
note 53.67 


W.  P.  Spencer,  net  in- 
vestment   .    .    .     7500 
Int.  on  same    .         44.92f 

E.  R.  Felton's  net  inv.  7000 
Int.  on  same    .         43.26 


Total  net  gain  .         .    . 
\V.  P.  Spencer's  /„  .    1113.72 
E  R.  Felton's  ^      .     742.48 


From  the  above  schedule  we  are  enabled  to  arrive  at  the  exact  amount  of  Mr.  Spen- 
cer's present  interest  in  the  concern,  which  is  the  interest  to  be  purchased.  The  part- 
ners should  now  be  credited  each  with  the  interest  on  his  average  capital,  and  also  hi.j 
share  of  the  gain.  AYhen  this  is  done,  the  individual  accounts  will  show  their  separate 
interests  in  the  concern. 

The  business  will  now  be  continued,  in  the  same  books,  under  the  sole  proprietorship 
of  Mr.  Felton. 


1 


.■'• 


4 


*  It  may  not  be  strictly  true  that  the  concern  owes  this  amount  of  interest  ;  and  yet,  should  we  desire  to  get  the  two 
notes  cashed,  or  to  receive  their  net  value  in  any  other  commodity,  we  should  be  obliged  to  abate  thus  much  from  their  face. 
In  other  words,  we  have  estimated  the  notes  as  resources  at  more  than  their  present  value  (for  the  purpose  of  expressing  the 
value  written  upon  them),  and  we  must  now  offset  this  excess  of  resources  by  a  corresponding  liability.  The  same  effect 
could  have  been  wrought  by  reckoning  the  notes  at  their  real  value.  The  present  form  would  be  essential  in  a  statement 
drawn  from  a  Double  Entry  Ledger,  where  notes,  eithei  receivable  or  payable,  are  aUvay.s  reckoned  at  their  written  value. 

t  According  to  the  partnership  contract,  each  partner  is  to  receive  interest  on  his  "  average  investment."  As  the  method 
of  ascertaining  the  average  capital  is  more  fully  explained  in  its  appropriate  place,  we  will  only  say,  in  this  connection,  that 
the  most  simple  and  direct  meth;)d  of  obtaining  this  result  is  to  reckon  interest  on  all  sums  invested  from  the  date  of  invest- 
ment to  the  date  of  settlement,  from  which  deduct  The  interest  on  all  sums  withdrawn  from  the  date  of  withdrawal  to  that  of 
Hettlemeut.    The  difference  will  be  the  interest  on  the  average  investment. 


';? 


U9 


«'* 


PRACTICAL    EXERCISES. 


Memoranda — Individual    Books. 


f)ec.  /,  /880.  — E.  R.  Felton  has  this  day  purchased  the  interest  of  his  former  partner,  W.  P.  Spen- 
cer, in  the  concern  of  "  Felton  and  Spencer,"  and  proposes  to  continue  the  business  in  his 
own  name.     Paid  for  the  same,  check  on  N.  Y.  &  E.  Bank,  $4329.32 ;  note  @  6  mos.,  with 
interest  from  date,  $4329.32. 
.^. — Received  cash  in  full  for  principal  and  interest  on  A.  M.  Clapp's  note,  due  Jan.  1,1881: 

note,  $500  ;  interest  to  date,  $14.58. 
S. — Paid  cash  for  tinman's  bill,  for  roof  and  leaders  on  Mr.  Fillmore's  cottao^e,  $150.  -  -  ►  -  -  Paid 

Charles  Ely's  bill  in  cash,  for  sills  and  lintels  for  A.  H.  Tracy's  cellar.  £00. 
S. — Paid  workmen  to  date  in  cash,  >.  438.50. 

6. — Completed  job  for  S.  Q.  Haven,  as  per  bill  of  items,  for  which  he  owes  .*f  430. 
7.— Paid  cash  for  ton  of  hay,  $20 ;  and  for  50  bushels  oats,  @  75^,  $37.50. 
.9.— Bo't  of  Jacob  Van  Brunt,  on  %,  10000  feet  pine  lumber,  @  15'',  $1500. 
/O, — Rec'd  cash  for  job  of  maaon-work,  done  for  Peter  Greiner,  $125. 
/2. — Paid  workmen  to  date,  per  check,  $1475. 

/•5. — Finished  job  of  mason- work  for  Urial  Driggs,  Tonawanda,  for  which  he  owes  $275. 
>^^.— Completed  contract  with  Millard  Fillmore,  and  rendered  him  bill  for  the  same,  $9000. 
^^. — Paid  laborers'  wages,  per  check,  to  date,  $1450. 

^^.— Passed  our  note,  @  60  d's.  to  Merritt  Crandell,  for  bill  of  lumber  to  date,  $3000. 
4?J.— Received  cash  of  Urial  Driggs,  in  full  of  %,  $275. 
-^^.— Received  cash  of  J.  C.  Gansevoort,  in  full  of  %,  $240.64. 
27" — Paid  workmen  in  full  to  date,  per  check,  $563. 
SO, — ^Paid  sundry  expenses  in  cash,  as  per  Expense-Book,  $175. 

Changing  to  Double   Entry. 

Mr.  Felton  now  proposes  to  change  his  books  to  Double  Entry,  preparatory  to  which 
he  makes  the  following  statement  of  the  condition  of  his  business  :  * 


Resources. 

Ziabilities. 

Caah  on  hand,  per  C.  B.    .    , 
Balance  in  Bank  .    . '  .    .    . 
Tools  and  Implements  .    .    . 

Notes  on  hand 

Due  on  personal  accounts  .    . 

Horse  and  Dray 

Value  of  unfinished  contracts . 

724 
1032 
1000 
7250 
8755 

250 
4000 

55 

68 

23 

Due  on  personal  accounts     . 

**      notes 

E.  R.  Felton,  net  investment . 

*'             net  gain   .    .    . 

• 

6355 
7329 

7785 
1542 

32 

74 
17 

• 

23012 

23012 

23 

FARM     ACCOUNTS: 


INCLUDING 


PRACTICAL    FORM    OF   JOURNAL 


AND 


OTHE'R  J^EW  FEATUfRES. 


MfU 


Mil 


..If 


'iii; 


■:) 


The  student  is  requested  to  enter  up  these  accounts  in  the  Ledger,  according  to  the 
examples  given  in  the  previous  Set,  and  to  continue  the  business  in  Double  Entry  form, 
for  one  month,  originating  his  own  transactions,  and  closing  his  Ledger  at  the  end  of 
the  month,  according  to  the  principles  of  Double  Entry. 

•  It  will  be  evident,  from  these  frequent  statements,  that  jnst  as  often  as  it  is  necessary,  for  any  purpose,  to  know  the 
exact  condition  of  the  business,  the  account  or  accounts  representing  the  capital — usually  called  Stock  Account,  or  Partners' 
Accounts — must  be  made  to  agjree  with  the  difference  between  the  resources  and  liabilities.  In  Double  Entry  books  this  is 
done  by  carrying  to  these  accounts  the  result  of  the  Business  accounts,  which  is  the  net  gain  or  loss.  As  there  are  no  Fuch 
accounts  in  Single  Entry,  the  same  object  is  attained  by  taking  the  difference  between  the  capital  at  commencing  and  at 
ciosing.  which  must,  of  course,  be  the  net  gain  or  loss.  Any  statement  showing  resources  and  liabilities  will  afford  all  the 
necessary  material  for  Double  Entry  books,  or  for  any  purposes  of  negotiation  where  partners'  interests  are  concerned. 

150 


151 


¥•■ 


»1 


FARM    ACCOUNTS. 


It  is  not  presumed  that  many  farmers  will  adopt  the  forms  of  this  set  in  keeping  a 
record  of  their  business  ;  in  fact,  it  is  not  presumed  that  many  farmers  will  keep  much 
of  a  record  of  any  sort.  We  have  selected  the  transactions  of  farming  to  illustrate  a  few 
new  features,  both  from  the  variety  afforded  in  the  transactions,  and  to  enforce  the 
importance  of  financial  record  even  in  business  least  requiring  it.  The  new  features  in 
this  set  are  the  Columnar  Journal,  which  contains  all  the  transactions  and  affords  a  pre- 
liminary classification,  which  will  be  found  very  convenient  in  many  kinds  of  business, 
and  the  subdivision  of  the  earning  force  represented  by  "  Farm  "  account.  The  latter 
feature  is  a  very  suggestive  one,  and  will  be  found  applicable  to  many  kinds  of  business— 
particularly  to  Manufacturing,  where  it  is,  to  some  extent,  adopted. 

The  use  of  the  Columnar  or  "  Six  Column "  Journal  enables  the  accountant  to  do 
away  with  auxiliary  books,  especially  the  Cash-Book,  as  all  the  cash  items  are  classified 
in  the  first  record.  The  idea  of  separate  columns  in  the  Journal  may  be  extended  to 
suit  the  exigencies  of  the  business.  Oftentimes  as  many  as  ten  or  twelve  columns  are 
used.  The  main  advantages  are  that  it  saves  posting,  and  affords  a  better  view  of  the 
business  at  a  glance. 


< 


15J8 


FARM  SET.— CASH-BOOK. 


MEMORANDUM    CASH    BOOK. 

The  form  of  Cash  Book  here  given  is  convenient,  and  on  that  account  commended 
to  those  who  are  not  in  the  habit  of  handling  much  cash.  It  is  always  well  to  keep 
track  of  cash  receipts  and  disbursements  in  some  way,  however  unimportant  the  items 
may  be,  and  this  form  is  suggested  as  one  adapted  to  general  use.  A  small  pocket 
memorandum  book,  such  as  all  stationers  keep,  is  sufficient  for  this  purpose,  and  the 
writing  may  be  done  either  with  pencil  or  ink.  It  should  be  carried  constantly,  that  no 
excuse  may  exist  for  omitting  the  entry  of  receipts  and  disbursements  of  cash,  which 
should  always  be  entered  at  the  time.  The  balancing  may  be  done  daily  or  weekly,  as 
most  convenient. 


Riverdale  Farm,  March  1,  1880. 


Mar. 


1 
1 
5 
6 
6 
7 

10 
10 


12 
13 
15 
16 
17 


19 
19 

20 

23 
24 


26 
27 

29 
31 


Amount  on  band -.-.. 

Received  for  10  lbs.  Butter,  $2  ;   10  doz.  Eggs,  $2 

Paid  for  Johnny's  Boots,  |3  ;  Cap  for  Harry,  75/' 

Sold  10  bushels  Wheat,  @  $1.50 

Paid  for  set  of  Harrow  Teeth,  |3;  Shoeing  Horse,  $1  50     -    -    - 

Paid  G.  F.  Wright  &  Co.'s  Grocery  Bill 

Paid  hired  man  for  services  to  date,  as  per  receipt     -     -       154  no 

Received  for  15  bushels  Potatoes  at  $1 as  7k 

Balance  on  hand    --------        lis  gs 

Sold  2  year  old  Colt  to  L.  S.  Bliss,  for  

Paid  premium  for  Insurance  on  Farm  Buildings   ------ 

Paid  Mrs.  M.  for  household  expenses  ----..--._ 

Sold  C.  S.  Clark  &  Co.  20  bushels  Oats,  @  75/  -     -    -    -       ^^^  ^ 

Shoes  for  Netty,  $1.25  ;  Toys  for  Harry,  50/    .    -    -    -        iq  a>^ 

Balance  on  hand     --------        9?t9  qq 

Paid  for  one  year's  subscription  to  Hampshire  Gazette  -     .     .    - 
"     yearly  contribution  to  Poor  Fund,  f25;  Pew  Rent,  1  quar- 
ter, $5  -    -         -    -         -  -    -    . 

"     Dr.  Jones  for  filling  Teeth,   $5;   Bridgman  &  Childs,  for 

Books,  $1 --.. 

Sold  Hillman  &  Graves  10  Sheep,  for       .----.       2SI  00 

Received  for  Poultry  sent  to  market   -    - xi  an 

Balance  on  hand    --- aaa  n\ 

Deposited  in  Holyoke  Bank   ----.-.---... 

Received  for  Butter,  $4;  Cheese,  $2.50;  Apples,  $3.75 

Paid  for  repairing  Implements --       233  75 

' '     Charles  Jones  for  painting  House     --.,--       i7«.2.'> 
Balance  on  hand    --------         Ki  ."W) 


Rec'd. 


120 

4 

15 


15 


125 


15 


20 
2 


.^L 


10     25 


J& 


Paid. 


4 
17 
10 


13 
5 


150 

3 
25 


Wi 


75 


50 
50 


50 


1  1  50 
80 
6 


25 


50 


m. 


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t; 


*i': 


153 


FARMING   SET.—TRANSACTIONS. 

TRANSACTIONS. 
Miverdale  Farm,  Northani2>ton,  March  1,  1880. 


The  following  list  embraces  the  real  and  personal  property  and  debts  of  William  Mitchell,  farmer, 
sole  proprietor  of  "Riverdale  Farm,"  in  the  town  of  Northampton,  Mass. 

, RESOURCES . 


75  acres  cultivated  land,  @  S300  ;  10  do.  woods  pasture,  @  $^150  ;  dwelling-house,  out-buDdings, 
•nd  improvements,  $2500 ;  2  carriage  horses,  $400 ;  2  work  horses,  $275 ;  1  colt,  $100 ;  3  milch 
cows,  $100;  1  yoke  oxen,  $125;  10  hogs,  $75 ;  SO  sheep,  $50;  2  calves,  $5;  50  chickens.  $10; 
6  turkeys,  ^5;  10  geese,  #6;  farming  utensils,  ^^56> ;  1  family  carriage,  $200;  household  furniture, 
$600;  200  bushels  wheat,  $350;  500  do.  com,  $375  ;  125  do.  oats,  $110;  10  tons  hay,  $120;  50  bushels 
potatoes,  $37.50;  feed,  $25 ;  50  shares  Connecticut  River  R.  R.  Stock,  $5000 ;  cash  in  hand,  $120; 
do.  deposited  in  Holyoke  Bank,  $1200. 


.LIABILITIES.. 


Mortgage  on  farm,  due  in  five  years,  from  January  1,  1879,  with  annual  interest  @  6%,  $4000 ; 
interest  unpaid  to  date,  on  same,  $M)j  I>ue  Samuel  Hill  on  %,  $75. 


tf 


Bought  of  Lewis  H.  Bartlett,  on  %,  1  two-horse  wagon,  for  $75 ;  Sold  for  cash,  10  lbs.  butter,  $2', 
10  doz.  eggs,  $2. 


Bought  of  Jonathan  Dawes,  10  head  of  stock  cattle  for  feeding  and  grazmg,  iar  $650 ;  Paid  him 
check  on  Holyoke  Bank,  $300  ;  note  @  30  ds.  for  balance. 


Paid  cash  for  the  following  articles :  boots  for  Johnny,  $3  ;  cap  for  Harry,  75f. 

.    6    


Sold  James  Banks  fur  cash,  10  bushels  wheat,  @   $1.50,  $15;   Paid  cash  for  set  of  harrow 
teeth,  $3  ;  shoeing  horse,  $1.50, 


—  7 


Paid  cash  for  G.  F.  Wright's  grocery  bill,  $17.50, 
.10- 


Paid  hired  man  cash  for  services  to  date,  as  per  receipt,  $10 ,   Sold  for  cash,  15  bushels  potatoes, 
@  $1,  $15. 


12 


Sold  L  S.  Bliss,  Hatfield,  2  year  old  colt,  for  $125  cash. 

. 13 


Paid  cash  for  premium,  insurance  on  farm  buildings,  $12.50. 
— 15 


Paid  Mrs.  Mitchell  cash  for  household  expenses,  $5. 

— — - 16 


Sold  C.  S.  Clark  &  Co.,  for  cash,  20  bushels  oats,  @  75,<^,  $15. 

17 


Paid  cash  for  shoes  and  toys  for  children,  $1,75  ;  Bought  of  S.  C.  Parsons,  on  %,  J  ton  Peruvian 
guano,  for  $30. 

154 


FARMING  SET.— TRANSACTIONS. 
Uiverdale  Farm,  Xortlmmpfou,  March  19,  1880, 


Paid  one  year's  subscription  to  Hampshire  Gazette,  in  cash,  $1.50;  yeariy  contribution  to  poor 
fund,  $25 :  pew  rent.  1  quarter,  $5. 

— 20 

Paid  Dr.  Jones  cash  for  filling  teeth,  $5;  also  to  Bridgman  &  Childs,  for  books,  $1. 

'■ 23 


Sold  Hillman  &  Graves,  for  cash,  10  sheep,  @  |2,  $30. 

— 24 

Received  cash  for  poultry  sent  to  market,  $2. 
26 


Deposited  in  Holyoke  Bank,  cash,  $150. 


27 


Received  cash  for  butter,  cheese,  and  eggs,  $10.25. 

29 


Paid  E.  L.  Kingsley  cash  for  repairing  farm  implements,  $3.25. 

31 

Paid  Charles  Jones  cash  for  painting  house,  $25. 

-  April  1  = 


Received  cash  for  marketing,  as  follows :  25  lbs.  butter,  @  25«^,  $6.25;  10  bush,  potatoes.  @  $1      V 

—  13 


Paid  Theo.  Rust  cash  for  1  ton  plaster,  $8. 


25 


Paid  cash  for  winter's  school  bill,  books,  &c.,  $17.50. 

26  ■ 


Bought  of  James  Hubbard,  on  %,  32  bushels  of  oats  for  seed,  @  60^^,  $10.20. 

30 

Paid  hired  hands  in  full  to  date,  $J!fi. 


May  1 


Received  cash  for  dividend  on  Ct.  Riv.  R.  R.  Stock,  5%  on  $5000,  $250. 

^ 15—— 

Paid  cash  for  1  new  plow,  $10;  For  repairing  old  plow,  $3. 

■ 25 


Exchanged  horses  with  E.  T.  Wood ;  Paid  difference  in  cash,  $25. 

-  June  1  

Paid  hired  hands  to  date,  cash,  $55. 


■^15 


Bought  for  our  own  use,  1   rosewood  piano,  for  $275;   paid  for  the  same,  check  on  Holyoke 
Bank,  $75 ;  note  @  6  mos.  for  balance. 


Paid  hired  hands  to  date,  $60. 


=  July  1 


Sold,  for  cash,  3  bushels  cherries,  @  $4,  $12;  6  do.  currants.  @  $1,  $6. 

155 


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•  i 


FARMING  SET.— TRANSACTIONS. 
Hiverdale  Farm,  Northampton,  July  10,  1880, 


Paid  cash  for  groceries.  $4.75 ;  dress  pattern,  $S ;  Stoddard  &  Lincoln's  bill  for  dry  goods,  $17.50. 


Finished  cutting  and  harvesting  hay,  which  has  been  estimated  at  57^  tons,  worth,  on  an  average, 

$10  per  ton,  $575.* 

^ 

Bought  of  Henry  Claghom,  for  cash,  2  Berkshire  pigs,  $15. 

. ^^  

Sold  for  cash,  3  hogs,  $25 ;  4  lambs,  $10 ;  2  calves,  $4. 
^^ _ 

Paid  cash  to  hired  hands,  $37.50. 


Received  cash  of  Benjamin  Claghorn,  in  full  of  the  rental  of  lO-acre  lot,  as  per  contract,  $200. 

' s 

Received  cash  for  pastui-age,  to  date,  $175. 


i^ 

Sold  Graves  Bros.,  Florence,  10  tons  hay,  @  $11,  $110  ;  received  cash.  $50  ;  balance  on  %. 

. ^Q    


Finished  threshing  grain,  and  have  put  in  bins,  as  the  result,  250  bushels  wheat,  worth  $1.50  per 
bushel,  $375  ;  300  do.  oats,  @  75/,  $225  ;  50  do.  rye,  @  60(?,  $30. 
, ^^ 

Paid  hired  hands  cash,  to  date,  $50, 


Sept.  5  

Sold  for  cash,  30  bushels  wheat,  @  $1.63,  $4S.90. 

i^ 

Finished  harvesting  potatoes,  the  result  of  which  is,  that  we  have  in  cellar  75  bushels,  worth  75^^ 
per  bushel,  $56.25. 

: — i^ 

Sold  for  cash,  20  bushels  potatoes,  @  87^f ,  $17.50. 
^^ 

Gathered  from  orchard,  100  bushels  apples,  worth  60/  per  bushel,  $50.  ^ 

==   Oct.  5  =" 


Sold  for  cash,  the  following  produce  :  200  bushels  wheat,  @  $1.50,  $300;  300  do.  com,  @  75/,  $225. 
40  do.  potatoes,  @  $1,  $40 ;  35  do.  apples,  @  50/,  $17.50. 


Paid  hired  hands  to  date,  cash,  $75. 


10 


15 


Received  cash  for  pasturing  15  head  of  cattle,  $75 ;  10  horses,  $60. 

*  Should  we  keep  but  one  general  producing  account  for  the  farm,  this  entry  could  not  properly  be  made  in  the 
Journal,  as  it  would  necessitate  both  a  debit  and  a  credit  to  that  one  account,  inasmuch  as  there  has  been  nothing  disposed 
of,  and,  consequently,  nothing  actually  produced.  If,  however,  we  desire  to  keep  up  the  distinctions  between  the  different 
.subdivisions  of  the  general  account,  as  in  the  Ledger  form  given,  the  entry  in  this  case  will  be :  "  Produce  "  Dr.  to  "  Real 
Estate,"  as  each  of  the  Bubdivisions  should  show  its  cost  and  proceeds,  the  same  as  a  general  accouLt. 

156 


FARMING  SET.— SIX-COLUMN  JOURNAL. 
River  dale  Farm,  KortJiatnpfnn^  Oct.  IS,  18  SO. 


Paid  Samuel  Hill,  Jr.,  cash,  in  full  of  %,  $75. 
21 


Paid  cash  in  full    for  note,  favor  Jonathan   Dawes,  due  April  6.     Face  of  note,  $350,    Interest 
to  date,  $11.37. 

-- _^ 25 ^ 

Sola  Thayer  &  Sergeant,  4  fat  cattle,  for  $350,  cash. 
L__ 28 


Sold  Alvan  N.  Claghorn^  on  ^,  5  tons  hay,  @  $10  per  ton. 
SO 


From  inventory  taken,  we  are  prepared  to  estimate  the  amount  consumed  by  family  and  live 
stock  since  March  1,  which  is  as  follows:  Family  Expenses— Mutton,  $15;  pork,  $17;  poultry, 
$18;  eggs  and  milk,  $10 ;  flour,  $40;  potatoes,  $10.  Live  Stock— Com,  $75;  hay,  $75;  feed[ 
$50;  oats,  $37. 


31 


Upon  careful  estimation,  the  apportionment  of  expense,  as  charged  in  the  "Expense"  account 
{$329*),  should  be  as  follows:   To  real  estate,  $164.50;  live  stock,  $82,25;  produce,  $82.25. 


SIX-COLUMN    JOURNAL. 

The  characteristics  of  the  practical  Journal  here  introduced  will  be  apparent.  Its 
advantages  may  be  briefly  stated,  as  follows  : 

First — A  vast  saving  of  time  and  space  in  posting. 

/Secowe/— Embracing  the  principles  oifour  books  in  one,  \\z. :  Cash-Book,  Invoice-Book, 
Sales-Book  and  Journal,  f 

2%i>^— Showing  monthly  totals  of  the  principal  accounts  in  the  Ledger  that  the  same 
may  be  compared  year  after  year. 

i^(9?^r^^— Affording  an  opportunity  to  post  personal  accounts  immediately,  the  corres- 
l^onding  debits  and  credits  appearing  separately  in  the  "  Sundries  "  column. 

Fiflh—Qvfmg  additional  security  of  the  correctness  of  the  Ledger,  there  existing  no 
probability  of  omitting  debits  and  credits  of  the  same  amount. 

Want  of  space  will  prevent  the  giving  of  more  than  one  month's  transactions  through 
this  form.  The  student  is  requested  to  write  up  the  remainder  as  given  in  the  memoranda, 
putting  the  months  of  April,  May,  June  and  July  together  as  one  month,  and  August, 
September  and  October  as  one. 

The  method  of  posting  from  this  Journal  is  extremely  simple.  The  separate  items  in 
the  "Sundries "column  are  posted  the  same  as  from  the  common  Journal,  while  the 
amounts  of  the  "  Cash  "  and  ^Tarm"  columns  are  posted  at  the  close  of  each  month. 

This  idea  of  special  columns  is  not  original  with  any  modern  author,  but  has  been  in 
use,  to  a  greater  or  less  extent,  for  the  past  fifty  years.  The  principle  can  be  carried  to 
any  desirable  extent;  and  in  some  jobbing-houses  as  many  as  eight  special  debit  and  credit 
columns  are  used.    The  form  given  in  this  connection  is  sufficient  to  indicate  the  principle. 

*  Paid  for  eer\'lce8  and  horse-shoeing. 

+  This  Is  the  case  when  the  form  is  used  in  a  general  merchandise  business :  in  which  case  the  sjyedal  columns,  debit 


and  credit,  would  be  **  Cash  **  and  "  Mdse." 


157 


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FARM  SET.— STATEMENT. 


TRIAL    BALANCE. 


Balances. 


4750 
975 


223 

1075 
50 

81143 

60 
11 


38287 


25 
03 
05 

37 


70 


33923 


4000 

40 

75 

200 

30 


19 


38287 


50 


20 


70 


-  Stock     .-.--- 

-  Ct.  R.  R.  R.  Stock  -    - 

-  HoLYOKE  Bank   -    -    - 

-  Mortgage  Payable    - 

-  Interest  Payable 

-  L.  H.  Bartlett  -    -    - 

-  Bills  Payable   -    -    - 

-  Family  Expense     -    - 

-  S.  C.  Parsons     -    -    - 

-  Cash       

-  A.  N.  Claghorn      -    - 

-  Farm 

-  J.  A.  Hubbard    -    -    - 
.  Graves  Brothers  -    - 

-  Interest    -    -    .    -    - 


Face  of  Lgdqxr. 


4115 
5000 
1350 


350 
223 

2208 

50 

34749 

60 

11 


48117 


25 

40 
70 

37 


INVENTORY. 


S 


Real  Estate 
Live  Stock 


Fixtures  &  Impi^ements  - 


85  acres  Land,  valued  at    -    -    -    - 
Dwelling-House  and  Improvements  - 

4  Horses,  |700 ;  3  cows,  $100      -  - 

1  yoke  Oxen,  $125  ;  5  Hogs,  $40  - 
12  Sheep,  $20 ;  16  Lambs,  $18   -  - 

2  Calves,  $20;  Poultry,  $25  -    -  - 
10  head  Stock  Cattle      .    -    .    - 

Farming  Utensils 

,1  Family  Carriage,  $200;  1  two-horse 

Wagon,  $75 

Household  Furniture 


Produce 


220  bush.  Wheat  - 


o 

fa 

t 

o 


•i 


g 


s 


00   00   GO 


S  1^  o 


162 

855 

50 

25 

65 


Corn 
Oats 

Rye  -  - 
Potatoes 
Apples  - 


50  tons  Hay 


@  $1.50 
75 
75 
60 
80 
50 

•'     14.74 


26000 
2500 


800 

165 

38 

45 

750 


250 

275 

800 


Ct.  River  R.  R.  Stock 


Interest  due  to  date  on  Mortgage  Payable 


330 

121 

266 

30 

20 

32 

737 


50 
25 


50 


38038 

250 

375 

4000 

40 

75 

550 

30 
1133 

3606 
19 


48117 


50 


37 

6.1 
20 


28500 


1798 


1325 


1537 


33160 
5000 


200 


26 
25 


163 


>\ 


H 


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I" 


FARM  SET.— STATEMENT. 


STATEMENT. 


The  following  form  of  Statement  has  the  quality  of  brevity  and  plainness;  and 
though  less  satisfactory  in  detail  than  previous  forms,  it  will  sufficiently  indicate  the 
condition  of  the  business  on  the  date  of  rendering  the  Trial  Balance  and  Inventory. 


Ct.  River  R.  R.  Stock 
HoLYOKE  Bank  -  - 
Bills  Receivable  - 
Mortgage  Payable 
Interest  Payable  - 
L.  H.  Bartlett  -  - 
Bills  Payable  -  - 
Fai^y  Expense  -  - 
S.  C.  Parsons   -    -   - 

Cash 

A.  if.  Claghorn    -    - 

Farm   -' 

J.  A.  Hubbard      -    - 
Graves  Brothers     - 
Interest      -    -    -    - 
Ufa  Oain 


Losses. 


160 


228 


11 

1872 


2267 


25 


37 

58 


20 


Gains. 


250 


2017 


20 


2267 


20 


Stock  Investment    -    -    -    - 
Net  Gain    -    .    -    - 

Present  Interest 


$33923  50 

1872  58 


Resoubces. 


5000 
975 
350 


1075 

50 

33160 

60 


40670 


03 


25 


28 


LlABIUTICS. 


4000 

200 

75 

550 

30 


19 


20 


08 
28 


-«<«)•■ 


c^ 


PRACTICAL     HINTS     FOR     FARMERS. 

1. — ^Measuring  Grain. 

By  the  United  States  standard,  2150  cubic  inches  make  a  bushel.  Now,  as  a  cubic  foot  contains 
1728  cubic  inches,  a  bushel  is  to  a  cubic  foot  as  2150  to  1728 :  or,  for  practical  purposes,  as  5  to  4. 
Therefore,  to  convert  cubic  feet  to  bushels,  it  is  necessary  only  to  multiply  by  f 

Example.— How  much  grain  will  a  bin  hold  which  is  10  feet  long,  4  feet  wide,  and  4  feet 
deep  t 

8ol/ution.'-\^  X  4  X  4  =  160  cubic  feet.     160  x  f  =  128,  the  number  of  bushels. 

164 


PRACTICAL  HINTS  FOR  FARMERS. 

To  measure  grain  an  the  floor. 

Biake  the  pile  in  form  of  a  pyramid  or  cone,  and  multiply  the  area  of  the  base  by  one-third  the 
height.     To  find  the  area  of  the  base,  multiply  the  square  of  its  diameter  by  the  decimal  .7854. 

Example.—^  conical  pUe  of  grain  is  8  feet  in  diameter,  and  4  feet  high ;  how  many  bushels 
does  it  contain  ? 

Solution,— ThQ   square  of  8  is  64 ;    and  64  x  .7854  x  |  =  83.776,  the  number  of  cubic  feet 
Therefore, 

83.776  X  I  =  67.02  bushels.     Armoer. 

2. — To  Ascertain  the  Quantity  of  Lumber  in  a  Loo. 

Multiply  the  diameter  in  inches  at  the  small  end  by  one-half  the  number  of  inches,  and  this 
product  by  the  length  of  the  log  in  feet,  which  last  product  divide  by  12. 

Example.  — How  many  feet  of  lumber  can  be  made  from  a  log  which  is  36  inches  in  diameter 
and  10  feet  long  ? 

Solution.— 3Q  X  18  =  648  ;  648  x  10  =  6480  ;  6480  -*- 12  =  540.     Aninjoer, 


8- — To  Ascertain  the  Capacitt  op  a  Cistern  or  Well. 

Multiply  the  square  of  the  diameter  in  inches  by  the  decimal  .7854,  and  this  product  by  the 
depth  in  inches ;  divide  this  product  by  231,  and  the  quotient  will  be  the  contents  in  gallons. 

Example.— What  is  the  capacity  of  a  cistern  which  is  12  feet  deep  and  6  feet  in  diameter  t 

Solution.— The  square  of  72,  the  diameter  m  inches,  is  5184  ;  5184  x  .7854  =  4071.51 ;  4071.51  x 
144  =  586297.44,  the  number  of  cubic  inches  in  the  cistern.  There  are  231  cubic  inches  in  a  gallon ; 
therefore,  586297.44-5-231  =  2538  +,  gallons.  To  reduce  the  number  of  gallons  to  barrels,  divide 
by  3H. 

4. — To  Ascertain  the  Weight  of  Cattle  by  Measurement. 

Multiply  the  girth  in  feet  by  the  distance  from  the  bone  of  the  tail  immediately  over  the  hinder 
part  of  the  buttock  to  the  fore  part  of  the  shoulder-blade,  and  this  product  by  31,  when  the  animal 
measures  more  than  7  and  less  than  9  feet  in  girth  ;  by  23,  when  less  than  7  and  more  than  5  ;  by  16, 
when  less  than  5  and  more  than  3  ;  and  by  11,  when  less  tMn  3. 

Example.— What  is  the  weight  of  an  ox  whose  measurements  are  as  follows;  girth,  7  feet 
5  inches  ;  length,  5  feet  6  inches  ? 

Solution.— 5^  X  7/y  =  40ft  J  40f|  x  31  =  1264  +.    Amwer. 

A  deduction  of  one  pound  in  20  must  be  made  for  half-fatted  ccrtle,  and  also  for  cows  that  have 
had  calves.  It  is  understood,  of  course,  that  such  standard  will,  at  best,  give  only  the  approximate 
weight. 

5. — Measurino  Land. 

To  find  the  number  of  acres  of  land  in  a  rectangular  field,  multiply  the  length  by  the  breadth, 
and  divide  the  product  by  160,  if  the  measurement  is  made  in  rods,  or  by  43560  if  made  in  feet. 

Example. — How  many  acres  in  a  field  which  is  100  rods  in  length,  by  75  rods  in  width  t 

Solution.— too  X  75  =  7500 ;  7500  -5- 160  =  46|.    Answer. 

To  find  the  contents  of  a  triangular  piece  of  land,  having  a  rectangular  comer,  multiply  the  two 
shorter  sides  together,  and  take  one-half  the  product. 

165 


QUESTIONS    FOR    REVIE^V. 


Changing  Single  to  Double  Entry. — Page   134. 

1.  Are  the  tenns  "  Single  Entry  "  and  "  Double  Entry  "  fortunately  chosen  1—2.  Why  not  ?— -?.  Is 
Single  Entry  in  use  to  any  considerable  extent  ? — 4..  Can  it  be  used  to  advantage  as  compared  with 
Double  Entry*? — J.  Does  Single  Entry  cause  less  writing? — 6.  Is  Double  Entry  more  intricate  than 
Single  Entry  ? — 7.  In  what  does  the  difference  really  consist  ?— <?.  What  can  be  said  of  the  comparative 
amount  and  quality  of  information  conveyed  by  the  two  systems  ? — 9.  In  what  sense  is  Double  Entry  a 
Rystem  of  equations  ?—i6?.  Of  what  do  the  equations  consist? — 11.  Draw  the  line  between  Double  and 
Single  Entry  as  to  the  final  showing  on  the  Ledger. — 12.  What  difference  between  the  two  methods  as 
to  unsold  property?—/.?.  Does  the  Single  Entry  Ledger,  as  far  as  it  goes,  differ  from  the  Double  Entry 
Ledger? — 14.  Wliat  additions  to  the  Single  Entry  Ledger  are  necessary  to  constitute  it  a  Double  Entry 
Ledger? — 15.  What  as  to  the  form  of  the  original  entry  in  the  two  methods? — 16.  How  is  the  fact  of  a 
gain  or  loss  ascertained  in  Single  Entry  ? — 17.  Can  the  separate  gains  and  losses  be  traced  through  this 
method  ? — IS.  What  are  the  usual  books  in  Single  Entry  ? 


Farm  Accounts.— Page   152. 

19.  What  are  the  peculiarities  of  this  set? — 20.  What  are  the  subdivisions  of  the  Farm  Account?— 
■21.  What  are  the  advantages  of  the  Columnar  Journal  1—22.  Is  this  form  of  Journal  adapted  solely  to 
Farm  business  ? — 23.  Has  it  any  special  adaptation  to  this  kind  of  business  ? — 24.  May  more  than  six 
columns  be  used  to  advantage  ? — 25.  How  many  are  often  used  ? 


Practical  Hints  to  Farmers.— Page   165. 

26.  What  is  the  rule  for  measuring  grain  1—27.  How  many  cubic  inches  in  a  bushel  ? — 28.  Can  you 
measure  grain  upon  the  floor? — 29.  How?— .?6>.  Give  the  rule  for  ascertaining  the  number  of  cubic  feet 
In  a  log. — 31.  The  rule  for  ascertaining  the  capacity  of  a  well  or  cistern.— .^i*.  How  can  you  get  the 
approximate  weight  of  cattle  by  measurement  ? — 33.  What  is  the  rule  for  measuring  land  ? 


c^ 


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J 


( 


I 


33  ^^o 


F^\^ 


Packard 

The  new  Bryant  &  Stratton  high- 
school  book-keeping. •• 


^T-r—^ ^^ 


COLUMBIA  UNIVERSITY  UBRARIES 


0041405307 


J 


NEH 


MAR  2  4094 


AI5//  00%l 


END  OF 
TITLE 


